Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Entain Net Gaming Revenues advance
Global sports betting group Entain LON:ENT has Q3 numbers out today. Net Gaming Revenues (NGR) are up by 7%, with full year guidance now being at the upper end of previously stated ranges. The company does note however that October has seen a slew of “customer friendly” results which will impact EBITDA by around £45m. Looking into FY24, NGR growth is expected to be in the low single digits.
#2. Sainsbury market share gains noted
J Sainsbury LON:SBRY has a half year report out today, covering the 28 weeks to 16th September. The company notes grocery sales up 10% with gains on volume reflecting growing market share. Clothing sales are however more than 8% lower and fuel sales down almost 20% owing to lower input prices.
The CEO notes that the company remains committed to driving down prices for customers, with Nectar savings exceeding £450m since April, but the retail operating profit for the period still comes in at a healthy £485m, up 2% YoY. Underlying pre-tax profits for the full year are now expected to come in at the upper end of the previously guided range.
#3. Shell profits just short of analyst expectation
Shell LON:SHEL also posted Q3 numbers this morning, with adjusted earnings of $6.2bn being only slightly below analyst expectations despite higher prices and refining margins. The company has however also announced a $3.5bn share buyback and the numbers today arguably look more impressive than those posted by peer BP earlier in the week. A dividend of $0.331 per share has been announced, up by more than a third from the $0.25 of a year ago.
