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Three things you need to know in the financial markets this morning from investment writer, Tony Cross

Aston Martin

The IPO for Aston Martin is racing ahead with conditional dealing due to start on exchange today. The offer price has been set at £19 per share, giving the company a market cap of £4.33 billion. That’s unlikely to be sufficient to land the business a place in the FTSE-100, with the automatic qualification point at the next reshuffle sitting around a billion pounds higher than that.

Tesco

Interim numbers from Tesco are out this morning, showing a 12% jump in sales but this is matched with a close on 7% decline in operating profits. A dig through the numbers however reveals that this might not be a signal to panic – it’s a string of intangibles which have skewed the picture rather than a grocery price war.

A £16 million FCA provision for the banking division, restructuring costs and the closure of Tesco Direct have between them racked up almost £100m worth of charges for the period.

Topps Tiles

A trading update from Topps Tiles for the last year has been published and they anticipate posting full year revenues up by around 1.5%, slightly ahead of the upper end of market expectations.

The company is highlighting its recent strategic shift as having been a success, although remains wary of the uncertain UK economic outlook – a focus on keeping costs in check is promised.

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Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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