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“Equities tracked the positive session on Wall Street last night in early trading and with a comparatively slim corporate diary investors are looking to US consumer and economic confidence data this afternoon along with the Richmond Manufacturing Index,” says AJ Bell Investment Director Russ Mould.
“Carpetright’s shares fell in early trading after it warned that higher costs due to the drop in sterling will hit its UK profits. Carpetright has maintained its full-year guidance but will be relying on better results in Europe where trading is improving slightly ahead of expectations. The group is now implementing the second phase of refurbishment and rebranding programme in a bid to revitalise the business. Carpetright’s shares were down by more than 5.5%.
“Mining giant Anglo American continues to reap rewards from operational improvements with third quarter output on a copper equivalent basis up 4% from a year ago and 12% higher than the previous three months. The group’s diamond and platinum businesses continue to maintain discipline on volumes by mining to demand. Anglo American led the blue-chip index in early trading with its shares up by over 4.3%.
“Engineering group GKN achieved organic sales growth of 2% in the first nine months. But growth rates are easing in its major markets, in line with the global economic outlook. The automotive market is now forecast to see a 1% increase in light vehicle production in the final quarter. And while new commercial aerospace programmes continue to ramp-up, this is at a slower rate than expected.”
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