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The FTSE 100 opened its weekly account in positive territory taking its cue from Asian markets although volatile oil prices continue to hamper any positive directional shift.
“Randgold’s (LSE:RRS) record output, lower-than forecast cash costs and bullish long-term outlook more than offset any concerns over the fall in its pre-tax profits,” says AJ Bell Investment Director Russ Mould.
“The group’s profits were hit by lower gold prices but its total cash costs of $679/oz were 3% down on a year ago and investors were particularly encouraged by chief executive Mark Bristow’s assertion that the group’s positive production and cost profile extends beyond 10 years.
“Self-storage group Lok'nStore (LSE:LOK) continues to gain momentum with first half revenues building on the growth achieved in its last financial year. Like-for-like revenues in its core self-storage business rose by 5.4% while earnings from its document storage business doubled.
“Imagination Technologies’ (LSE:IMG) shares slumped in early trading after lone-serving chief executive Sir Hossein Yassaie stepped down with the group warning it would report a full year loss and that it was selling its consumer electronics business Pure in a restructuring programme to save £15m.”
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