Three things you need to know in the financial markets this morning from investment writer, Tony Cross
There’s an 18 week trading update from pub operators Greene King this morning, noting that it’s been a good summer – thanks to hot weather and England’s successful run in the World Cup – allowing sales for the group to outperform the wider industry. The focus on cost reduction does however remain very much in focus – the company remains on course to shut as many as 110 pubs this year, whilst only opening around nine new venues.
Playtech, the world’s largest supplier of sports betting and online gaming technology, has this morning announced the disposal of its near 10% holding in Plus 500. The statement says that the money – around £176 million – will be used for general corporate purposes and debt reduction. Clues as to what has actually triggered the decision to sell are rather lacking, but the news comes hot on the heels of the announcement that Plus 500 founders sold some 7.7% of the company’s stock during yesterday’s session.
Full year results from the Emerging Markets asset manager Ashmore out today. They’re reporting strong net inflows, and the fact that an impressive 94% of assets under management are outperforming benchmarks over the three year period. Whilst underlying markets have been charging ahead of late, it’s worth bearing in mind that this news comes against a backdrop of volatile equity valuations.