Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Diageo trading commentary eyes growth in challenging market
Diageo LON:DGE has issued a trading commentary ahead of its AGM, noting a good start to the financial year, but adds that the operating environment is likely to remain challenging for some time yet given the number of headwinds being faced by the company including inflationary pressures and consumer uncertainty. Regardless, management have reiterated that they are well positioned to deliver medium term guidance with profit growth over the next two years of between 6% and 9%.
#2. Shell profits set to slip for Q3
Shell LON:SHEL has published a Q3 update which highlights how profits for the period would be hit by significantly softer earnings from its natural gas trading. Refining margins in the sector have fallen by almost 50%, whilst falling demand for plastics is set to take an even more significant toll on its chemicals division. Results for the three months are set to be published at the end of October.
#3. Gaming company 888 launches into fast growing African markets
Gaming operator 888 Holdings LON:888 has this morning announced its launch into four countries across Africa. With the African gambling market set to reach $5.6 billion by 2030, the company sees this as a tactical play to capitalise on the growing demand.
