Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Barclays impairment outlook worsening
Q3 numbers are out from Barclays LON:BARC this morning, noting a group wide Return on Tangible Equity of 11% against 12.5% for the year to date. Impairment charges were £0.4bn for the quarter, in line with the YTD run rate, but this loan loss rate is expected to deteriorate fractionally going forward amidst a worsening macroeconomic backdrop. GBP appreciation against the US Dollar also took a toll.
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#2. Plus500 retention of high value customers boosts performance
Plus500 LON:PLUS has its Q3 numbers out today as well, noting that the company continued to perform well during in response to strategic plans. Trading income was up 5% YoY, whilst average customer deposits were some 18% higher. Full year revenues remain on track to be in line with the recently upgraded market expectations and whilst the company acknowledges lower levels of market activity, it adds that the ability to retain high value customers is helping here.
#3. Angling Direct: resilient market lifts sales, margins
Half year numbers form Angling Direct paint an upbeat picture with group revenues advancing 11.4%, strong growth in European online sales and a 50 bps uptick in margin. Summer sales were in line with expectations and the company notes further market share gains and there’s optimism over the long term prospects for the company underpinned by a strong balance sheet and resilient UK market demand.