Next, Paddy Power Betfair and Glanbia

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

“The FTSE100 made a positive start to the month as investors turned their attention to the economic health of the housing market and manufacturing sector ahead of new data today. Traders will also be anticipating the likely direction of the baseline interest rate in the UK, with an announcement due from the Bank of England tomorrow,” says AJ Bell Investment Director Russ Mould.

“Fashion group Next was the biggest blue-chip faller as sales through its stores continued to slump. Next has seen a double-digit increase in online sales and total revenues increased by 1.3% in the third quarter, despite a 7.7% drop in sales at its stores. Next has warned that the market remains very volatile and this is underlined by its recent performance with cooler weather in August and September increasing demand for its autumn/winter ranges and sales dipping during a mild October. Next’s shares were down by more than 7.3%.

Paddy Power Betfair was an early riser after an encouraging third quarter. The group saw good stakes growth despite the absence of a major football tournament and its international businesses performed particularly well. The integration of technology platforms is now nearing completion and customers will start to benefit from an increased pace of new product delivery across both the Betfair and Paddy Power brands next year. Paddy Power Betfair’s shares were up by over 4.5%.

“Global nutrition group Glanbia’s shares rose after it reiterated its full-year guidance following a good performance in the first nine months. The group’s joint ventures delivered strong revenue growth as a result of improved dairy markets and Glanbia is on track to achieve its guidance of 7% to 10% growth in pro forma adjusted earnings per share this year on a constant currency basis. Glanbia’s shares were up by more than 1.9%.”

These articles are for information purposes only and are not a personal recommendation or advice.