Character, IG Group and Victrex

“The FTSE100 confounded forecasts and opened on the front foot after UK Prime Minister Theresa May returned from Brussels without clinching a deal with the European Union, as Irish border issues prevented a breakthrough towards trade talks. The failure prompted a fall in sterling but boosted blue-chip stocks as a drop in the currency increases the value of their overseas earnings once they are translated back into pounds,” says AJ Bell Investment Director Russ Mould.

“Toy group Character’s shares were down in early trading despite an increase in underlying pre-tax profits for the year to the end of August. The group’s revenues fell by 4.7% and while its leading brands, which include Peppa Pig and Teletubbies, continue to perform well trading conditions remain tough in the run-up to the crucial Christmas period. Character’s shares were down by more than 1.1%.

“Online trading group IG topped the FTSE250 board following a bullish first half update. Interim revenues are expected to be around 9% up on a year ago as the group maintained momentum from a strong first quarter while operating costs are set to be 7% lower than last time. The nature and timing of potential regulatory changes in the UK and some other key markets remain uncertain but IG continues to implement measures to differentiate itself within the OTC leveraged derivatives industry and to protect the business from regulatory change. IG’s shares were up by over 4.7%.

“Specialist polymer products provider Victrex was an early riser following an increase in profits driven by favourable currency movements. The group’s pipeline of new products remains strong and its aspiration to deliver 10-20% of sales from new products in the medium term is unchanged. The group’s shares were up by more than 3.6%.”

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