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“Blue-chips confounded forecasts and edged lower at the start of trading following mixed performances in Asia this morning and in the US overnight,” says AJ Bell Investment Director Russ Mould.
“Royal Bank of Scotland led the FTSE100 in early trading after it swung into the black in the first half with operating profits of £1,951m against a loss of £274m a year ago. The results were driven by a strong second quarter which produced an operating profit of £1,238m. RBS is growing income and reducing costs but it continues to be plagued by legacy issues and its latest numbers were hit by a one-off charge for settling mis-sold mortgage products in the US. RBS’s shares were up by more than 3.7%.
“Merlin Entertainments had a strong first half with revenues up by 9.6% on a constant currency basis which reflected a good contribution from new accommodation and attractions, and continued like-for-like growth. The group is now approaching its peak trading period and is seeing progress across most of its businesses but the threat of terrorism has cast a cloud over the near-term outlook for its UK attractions. Merlin’s shares were up by over 1.9% in early trading.
“Anglo African Oil & Gas’s shares rose after it completed the acquisition of a 56% interest in a producing oil field in the Republic of the Congo. AAOG has acquired all of Petro Kouilou, which is the operator and holder of a 56% interest in the Tilapia field alongside Societe Nationale des Petroles du Congo which holds the remaining 44%. Tilapia is located in a highly prolific hydrocarbon region and AAOG’s objective is to scale up production and reserves. AAOG’s shares were up by more than 3.4%.”
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