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“Blue-chips opened on the front foot with miners Antofagasta, Anglo American, Glencore and Rio Tinto occupying four of the top five slots in early trading. Investors are continuing to assess the impact of UK Prime Minister Theresa May’s trade talks in Japan,” says AJ Bell Investment Director Russ Mould.
“The Restaurant Group was one of the FTSE250’s strongest early risers despite a 2.2% fall in like-for-like sales and a 29.5% drop in adjusting operating profits. The owner of the Frankie & Benny's and Chiquito casual dining brands also faces continuing headwinds on costs but it is beginning to see some early signs of volume improvement having made investments to improve the value and quality it offers. Like-for-like sales and margins will come under pressure in the short term but the group is on track to finish the year with a more competitive offering. The Restaurant Group’s shares were up by more than 5.4%.
“Bookmaker Ladbrokes Coral’s shares were up following a good financial and operational performance in the six months to the end of June. Integrating the two firms is progressing very well and synergies are now expected to be £150m a year by 2019, more than double the original estimate. Ladbrokes Coral’s shares were up by over 1.1% in early trading.
“Recruitment group Hays is paying a special dividend after an increase in full-year operating profits and net fees. Hays has been buoyed by its international businesses which delivered record levels of fees and profit while exchange rate gains also contributed to the improved performance. Hays saw a marked step-down in the UK after the EU referendum but levels quickly stabilised and with 20 countries growing by 10% or more, the group has been transformed into a truly global, diversified business.”
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