Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Bellway [LON:BWY] has published a trading update covering the 17 week period from August 1st. The company notes that the reservation rate is up 6% against the comparative and the liquidity position remains strong, although there are concerns over the state of access onto the housing market as prices continue to advance. The proposed dividend has been pared back by 50% from the payout received a year ago, but the company is hopeful that as earnings recover this can be increased quite quickly.
GlaxoSmithKline [LON:GSK] have updated the market on progress for its COVID-19 vaccine and it looks underwhelming. The immune response amongst over 50’s was low so this means there’s a need to refine the concentration of antigens and will require further rounds of tests. As a result, the product isn’t expected to be available until Q4 2021 assuming the development plan is successful. This could serve to knock the wider market.
Subscribe for more stories like this, 8am weekdays - for free!
There’s a trading update out from Rolls Royce [LON:RR] this morning, which largely serves to underline the objectives which have been laid out previously. Cost savings are being delivered and the company still expects to turn cashflow positive in the second half of next year. Some signs of recovery are being seen in the power systems market, but data from aero engines may be cause of concern. Year to date, flying hours are down by 58%, but that reading is flattered by the fact impact in Q1 was limited. Q2 was down by 76% and Q3 down by 71%.
Sign up for three quick facts and more with our Free Daily Digest newsletter, every weekday morning.