Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
COVID has had a damaging effect on many businesses, but e-commerce has seen its popularity surge. With this, demand has been growing for warehouse space so some understandably positive news from SEGRO [LON:SGRO] in its Q3 trading update this morning. The company continues to grow its footprint with news of a new site acquisition just north of Canary Wharf and notes that new signings for the year to date are now above those seen at the same point in 2019. Rent collection also remains strong, with quarterly improvements being seen.
William Hill [LON:WMH] has published a Q3 trading statement today covering the period to September 29th. The report notes that the return of live sport and reopening of retail premises has helped drive sales, although for the year to date, groupwide revenues remain down 25%. With the company having lined itself up for a sale to the entertainment giant Caesars last month, these numbers feel a bit underwhelming and certainly seem to paint a picture suggesting an exit may well be the best course of action.
MetroBank [LON:MTRO] has published a Q3 update this morning, too. The challenger bank notes growth in assets, loans and deposits, adding that account opening continues to recover, now sitting at around 90% of pre-pandemic levels. Beyond this, detail is relatively light. Management have attempted to reassure investors that they are making progress in delivering against the strategic objectives set at the start of the year.
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