Investment bank and fund manager Investec expects half year operating profit to be marginally higher than the year before as growth in its fund management business outweighed weaker demand for loans. Loan write-downs remain relatively high. Investec says that the slow pace of economic recovery has caused a delay in the improvement of the level of non-performing loans while defaults continue to rise.
Interdealer broker ICAP continues to decline after yesterday's downgrading by UBS from buy to neutral.
Morgan Stanley has downgraded BT from overweight to equalweight. A new five-year IT services contract with Debenhams was not enough to stop the share price retreating.
Kingfisher is higher after interim profits from the DIY retailer were at the top end of the range of expectations. The B&Q owner said adjusted pre-tax profit for the 26 weeks ended July 2010 rose 23% to £354m, which was above the median forecast of £342m.
Chief executive Ian Cheshire warned that the immediate outlook for consumer spending is 'fragile'. That was confirmed by an unexpected fall in retail sales in August. Sales excluding cars and petrol fell by 0.5% on the month.
Goldman Sachs has raised its recommendation for Cable & Wireless Worldwide from neutral to buy. This follows the telecoms company's £82m contract with a government department.
The upcoming all-important policy decision by the Federal Reserve prompted an element of caution on stock markets across Europe on Tuesday, with the FTSE 100 pulling back from a six-week high. [17 Sep '13]
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.