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The FTSE 100 was in negative territory as traders returned to their desks after the Bank Holiday weekend, with global sentiment split as Wall Street made solid gains overnight while Asian markets were lower today.
“The appetite for takeaway food continues to grow and Just Eat is taking a big slice of the market with orders up 57% in the first quarter,” says AJ Bell Investment Director Russ Mould.
“The online food delivery portal is appealing to investors’ taste buds by increasing its guidance for both full year revenues and underlying earnings. The group was the biggest FTSE250 riser in early trading.
“Banking giant HSBC’s pre-tax profits fell by 14% in the first quarter against strong comparatives but fears that the dividend might be cut or possibly axed proved unfounded. The group has remained resilient in challenging market conditions and HSBC increased its market share in many areas that are critical to its strategy with a strong performance in Asia.
“Gold producer Centamin was another FTSE250 riser after first quarter output rose by 16% and earnings climbed by 27%. Investors are also encouraged that the downward trend in costs has also continued."
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