Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Pendragon raises full year profit expectations
Pendragon [LON:PDG] has published a Q3 trading update this morning, with the sentiment following that of others in the autos sector. A strong performance saw sales running ahead of the comparative period a year ago, leading the company to up full year profit expectations to £70m. The company is however mindful of the risk of further supply chain disruption and notes that the heightened margins should normalise over time.
#2. Argo Blockchain mined 165 Bitcoin or equivalent in September
Argo Blockchain [LON:ARB] has an operational update out for September. They note that during the month, 165 Bitcoin or equivalent were mined, worth £5.5m. The income was generated at a mining margin of 84%. Interestingly, at the end of September, the company owned 1836 BTC, which is worth around £65m. The market cap stands at an impressive £560m.
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#3. CMA ends investigation into actions of British Airways and Ryanair
An interesting note from the CMA this morning that it has ended an investigation into the actions of British Airways [LON:IAG] and Ryanair [LON:RYA]. The airlines had refused to refund customers in cash who had bought tickets then seen COVID rules change which made their travel illegal. Citing a lack of clarity in the law and stating that pursuing this case would be too expensive, the airlines have been let off the hook, although it’s worth noting that both carriers did offer fee free changes or voucher credits for the unusable flights.