Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Following on from announcements earlier in the month about their intention to float on the stock market, Aston Martin has today issued an update.
This includes details of the expected valuation of the company – shares will be priced between £17.50 and £22.50, meaning a market capitalisation of up to £5.07 billion. Even at the top end of the valuation that’s not however quite enough to assure the business of a place in the FTSE-100.
There’s a pre-close trading statement out from Stobart Group this morning which includes plenty of good news for the aviation and energy divisions, but the company has flagged issues in the rail & civils sector.
The business has reviewed its revenue recognition on long term contracts, dialling down expectations and as such this is seen as likely to have an impact on full year results once they’re published.
There’s a brief trading update out from Diageo today, ahead of the company’s AGM.
Sales and margins are both increasing for the company as planned, but emerging market currency volatility is proving to be an issue. The business expects adverse currency movements to have a negative impact on full year profits of a meaningful £45million.