Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Bellway trading update puts growth on the horizon
Bellway LON:BWY has issued a trading update for the six months to 31st January. Revenue and completions are both lower than expected but management note that pricing remains firm. Whilst demand is now picking up, this will take time to filter through and growth isn’t set to return until FY25. The company adds that it is sufficiently capitalised to expand its land bank should commercial conditions be attractive.
- Companies Reporting: Bellway, LVMH, ASML, Whitbread, Netflix
- Three Quick Facts: Tesco, SSP, Telecom Plus
- Companies Reporting: Carnival, Greggs, Tesco, Wetherspoon
#2. Supermarket sweep for Barclays at Tesco
Tesco LON:TSCO has this morning announced the sale of its remaining banking products to Barclays, with the majority of cash realised being returned to shareholders. It has also agreed a long term partnership with the high street bank to provide customers with Tesco branded financial products in the future. The estimated £700m transaction value will be used to further the share buyback program whilst the move is also a significant de-risking for Tesco.
#3. Hopes of wider use in USA market for Renalytix
Renalytix LON:RENX has this morning announced that the US Centres for Medicare and Medicaid Services has published a draft determination putting its therapies in scope for wider usage. There’s a 45 day consultation window and the note offers no further detail as to the size of the market potential here.
