BAE Systems, William Hill and Johnston Press

“Blue-chips opened in positive territory to extend yesterday's advance. Asian markets posted gains this morning as did US stocks overnight. Traders will be looking to UK construction PMI data due later this morning and the latest US job figures this afternoon,” says AJ Bell Investment Director Russ Mould.

“Defence group BAE Systems led the FTSE100 in early trading after a good first half and a confident full-year outlook. Operating profits of £865m were 10% up on last time and the group has confirmed guidance that full-year profits would be between 5% and 10% higher than 2016. BAE’s confidence is underpinned by a growing order book. Order intake rose by £3.6bn to £10.7bn in the first half including the award of a production contract for the initial batch of three Type 26 frigates which takes the order backlog to £42,3bn. The group’s shares were up by more than 3%.

“Bookmaker William Hill headed the FTSE250 Index following strong first half growth in its online and retail divisions in the UK, despite the lack of a major international football tournament. The group is targeting £40m of annualised savings as part of its transformation programme and it is on track to deliver this by the year-end. William Hill’s shares were up by over 7.7% in early trading.

“Johnston Press was an early riser following strong growth in digital revenues and the i newspaper which offset the ongoing challenges for print classifieds which are in continued significant structural decline. Adjusted earnings were in line with forecasts and the group remains on track to meet its full-year goals having implemented the next phase of its cost reduction initiatives. The group’s shares were up by more than 6.9%.”

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