Marks & Spencer Share News (MKS)

LONDON (Alliance News) - The FTSE 100 was slightly higher in early trade on Thursday as the US and China looked to restart trade talks, while central bank decisions due at midday remain in focus.GVC Holdings was among the blue-chip risers at the open, while Wm Morrison Supermarkets fell as it reported a drop in interim profit and retailers were dented by weak results from John Lewis.The FTSE 100 was up 0.1%, or 6.01 points, at 7,319.37 early Thursday. The FTSE 250, however, was down 0.1% at 20,365.88 and the AIM All-Share flat at 1,097.37.The Cboe UK 100 was up 0.2% at 12,396.90, the Cboe UK 250 down 0.1% at 18,517.59 and the Cboe UK Small Companies flat at 12,179.85.In mainland Europe, the CAC 40 in Paris was up 0.1% while the DAX 30 in Frankfurt was flat in early trade.Sharing the top spot in the economic calendar on Thursday are the latest monetary policy decisions from the Bank of England and the European Central Bank.No policy change is expected from the BoE at midday London time, with the ECB at 1245 BST also expected to stand pat. ECB President Mario Draghi will give a press conference at 1330 BST, at the same time US CPI is due.On the BoE, Lloyds Banking said: "Overall, we expect a unanimous vote for no change in policy. There will be no press conference on this occasion; we expect the minutes of the meeting to show little change in the economic assessment. "At the top of the FTSE 100 in early trade on Thursday was sports betting and gaming firm GVC Holdings, up 1.7%.GVC's net gaming revenue for the first half of 2018 grew 8% on a proforma basis to GBP1.72 billion, and sharply multiplied to GBP1.13 billion from GBP386.6 million a year ago on a reported basis.GVC completed its acquisition of peer Ladbrokes Coral in March, with the integration of the business said to be "progressing well" and capital expenditure synergies of "at least" GBP30 million now identified. GVC said it is on target to deliver at least GBP130 million in cost synergies by 2021.GVC's reported results for the half, therefore, include three months of trading from Ladbrokes.On a reported basis, the sports-betting and gaming firm swung to a pretax profit of GBP113.6 million for the half, compared to a loss of GBP22.8 million last year.The company declared an interim dividend of 16.0p, up from 14.6p last year.At the bottom of the blue-chip index was Wm Morrison Supermarkets, down 3.2% as profit fell over the first half of its financial year. Revenue for the half year ended August 5 was up 4.5% to GBP8.8 billion, though pretax profit fell 29% to GBP142 million. The fall in profit was largely due to GBP33 million used for successful bond tender offers and a GBP28 million cost booked due to a change in the company's methodology for estimating stock provisions.Like-for-like sales, excluding fuel and VAT, were up 4.9% over the half, with second quarter comparable sales 6.3% higher.The grocer proposed an interim dividend of 1.85p, up 11% on last year, and also declared a special interim dividend of 2.0p. In total, the company's payout for the half of 3.85p was more than double last year's 1.66p.Also trading lower were high street stalwart Marks & Spencer and B&Q owner Kingfisher, down 1.9% and 1.6% respectively.UK retail bellwether John Lewis Partnership "stunned the market" by reporting a plunge in interim profit, said CMC Markets chief market analyst Michael Hewson.John Lewis Partnership said its profit for the first half of the financial year plunged amid "challenging times in retail", as it issued a warning for the full-year. For the six months to July 28, the company, which owns a string of department stores and the Waitrose supermarket chain, posted pretax profit down 81% to GBP6.0 million from GBP30.8 million a year before. On an adjusted basis, pretax profit slumped 99% to GBP1.2 million.At the end of June, the company had said it expected its interim profit to be "near zero".Chairman Charlie Mayfield said: "These are challenging times in retail. We're continuing to improve our offer for customers while ensuring we have the financial strength to continue developing our business going forward. This is reflected in both brands continuing to grow sales and customer numbers, and our total net debts reducing."Looking ahead, John Lewis said that it continues to expect full-year profits to "be substantially lower than last year for the group as a whole". CMC's Hewson commented: "Given its place and reputation on the high street this is not a happy omen and brings into sharp relief, if any were needed, the severe problems facing UK retail. This is likely to increase calls for the UK government to reform business rates which appear to decimating the UK retail sector."In the FTSE 250, Kaz Minerals rose 2.8% after HSBC raised the copper miner to Buy from Hold.Satellite communications provider Inmarsat shed 1.4% as the stock went ex-dividend, meaning new buyers no longer qualify for the latest payout.Elsewhere on the Main Market, Ricardo declined 1.9% as it reported an interim fall in profit.The engineering, strategic, technical, and environmental consultancy firm said revenue for the year ended June 30 grew 8% to GBP380.0 million, though pretax profit fell 11% to GBP28.5 million.The drop in profit was largely due to GBP4.8 million booked in reorganisation costs due to the restructuring of its Automotive business in the US and Germany.Debenhams fell 5.3% after Sports Direct International said, after the market close on Wednesday,it does not intend to make an offer to acquire the department store. The sportswear retailer holds 29.7% stake in Debenhams, and just last month bought peer House of Fraser out of administration.In Asia on Thursday, the Japanese Nikkei 225 index closed up 1.0%. In China, the Shanghai Composite ended up 1.2%, while the Hang Seng index in Hong Kong is 2.1% higher in late trade.Markets will continue to monitor trade relations between the US and China after President Donald Trump's chief economic adviser Larry Kudlow confirmed to FOX Business on Wednesday that US Treasury Secretary Steven Mnuchin has proposed renewed trade talks with China.The two countries have slapped tit-for-tat tariffs on goods worth USD50 billion each as part of an escalating trade war.Kudlow said last week the US was still evaluating public comments before imposing a fresh wave of tariffs on some USD200 billion worth of Chinese goods. The mandatory waiting period to impose the threatened tariffs expired a week ago."These reports appear to have put off the prospect of the imminent implantation of an extra USD200 billion of US tariffs on Chinese imports. While by themselves any talks won't bring a solution any closer, the fact that a dialogue is being sought suggests that an escalation isn't imminent for the moment," said CMC's Hewson.