Mulberry Group Share News (MUL)

LONDON (Alliance News) - Stocks in London opened higher on Monday amid optimism over upcoming trade talks between the US and China, while NMC Health led blue-chip gainers after well-received half-year results. The FTSE 100 index was up 0.3%, or 24.07 points, at 7,582.66. The mid-cap FTSE 250 index was up 0.3%, or 69.20 points, at 20,513.56. The AIM All-Share index was up 0.3%, or 3.03 points, at 1,081.16.The Cboe UK 100 was up 0.4% at 12,842.05, the Cboe UK 250 was up 0.1% at 18,572.07, and the Cboe UK Small Companies was up 0.2% at 12,201.88.Last week, the Wall Street Journal said Chinese and US negotiators were drawing up a road map for talks to try to end their trade impasse.Citing officials in both nations, the newspaper said the plan would culminate in planned meetings between President Donald Trump and Chinese leader Xi Jinping at multilateral summits in November.The report came after China accepted an invitation from the US for a new round of trade talks to be held on Tuesday and Wednesday. On the London Stock Exchange, NMC Health was the best large-cap performer at the open, up 3.3% after its first-half performance was in line with its management's expectations and as it said it continues to deliver against its acquisition strategy. For the six months to June 30, the United Arab Emirates-focused private hospital operator posted pretax profit up 20% year-on-year to USD118.7 million from USD99.3 million. Earnings before interest, taxes, depreciation and amortisation jumped 32% to USD225.5 million from USD170.7 million a year prior.Revenue rose by 20% to USD932.0 million from USD775.2 million last year. "We see continuing good growth potential across different parts of the group in 2019 and beyond and remain confident in the long-term prospects of the business as we enter the second half of 2018," Chief Executive Officer Prasanth Manghat said.Royal Bank of Scotland was up 1.3% after Citigroup raised the state-backed lender to Buy from Neutral. At the other end of the large cap index Sage Group was the worst blue chip performer, down 6.7% after Deutsche Bank downgraded the accounting software provider to Sell from Hold. In the FTSE 250, Hill & Smith Holdings was the best performer up 4.6% after Investec raised the galvanising services firm to Buy from Add.At the other end of the midcap index, G4S was down 1.5% after the UK government took over management of an "appalling" Birmingham prison from the security services company. Staff at one of Britain's largest prisons were found asleep or locked in offices during an inspection that uncovered "appalling" squalor and violence, a watchdog has said, as it emerged the government is taking over the privately run jail.In a scathing critique, Chief Inspector of Prisons Peter Clarke warned HMP Birmingham has "slipped into crisis" following a "dramatic deterioration" in the last 18 months.The Ministry of Justice has now assumed control of the establishment from G4S for at least six months.G4S welcomed the move, saying the prison, which it has managed since October 2011, faces "exceptional challenges".On the London Main Market, Mulberry Group shares were down 30% after the luxury handbag maker said its annual profit could be sharply lower due to challenging retailing conditions in the UK and the demise of House of Fraser.Earlier this month, the beleaguered department store chain was acquired by Mike Ashley's Sports Direct International. Like many UK high street peers, House of Fraser has been hurt by soaring costs, decreased footfall, and falling consumer spending power.Mulberry operates 21 concessions within House of Fraser stores across the UK, employing 88 workers. Following a review of debtor balances, fixed assets and potential costs resulting from potential restructuring, Mulberry said it is expecting to provide GBP3 million in exceptional costs in the results for the six months to September 30."Since the group reported in June 2018, the UK market has continued to remain challenging and sales in House of Fraser stores have been particularly affected," Mulberry said. "If these sales trends in the UK continue into the key trading period of the second half of the financial year, the group's profit for the whole year will be materially reduced." Outside the UK, trading is broadly in line with management's expectations, Mulberry said.Sterling was firm quoted at USD1.2742 early Monday against USD1.2733 at the London equities close on Friday.In early economic news, UK house prices dropped in August as more sellers entered the market during summer holiday season, property website Rightmove said.Average asking prices decreased 2.3% in August from July. On a yearly basis, house prices increased 1.1% annually to GBP301,973.In London, house prices plunged 3.1% on month in August.On Tuesday, Brexit Minister Dominic Raab is set meet EU Chief Negotiator Michel Barnier in a bid to move talks forward ahead of an EU summit in September.In mainland Europe, the CAC 40 in Paris was up 0.3% while the DAX 30 in Frankfurt was up 0.4%.The euro was flat against the dollar quoted at USD1.1419 from USD1.1413 at the European equities close Friday.Germany's producer price inflation held steady in July, in line with expectations, figures from Destatis showed. Producer prices grew 3.0% year-on-year in July, the same rate of increase as in June. On a monthly basis, producer prices edged up 0.2% from June, when it gained 0.3%. That was below the expected rise of 0.4%.Ahead this week, US Federal Reserve Chairman Jerome Powell will make his first address at the central bank's annual economic symposium in Jackson Hole, Wyoming.The Japanese Nikkei 225 index closed down 0.3%. In China, the Shanghai Composite closed up 1.1%, while the Hang Seng index in Hong Kong is up 1.3%.