Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Profit upgrades as Shoe Zone puts best foot forward
Shoe Zone LON:SHOE has a short trading update out this morning, noting that since the publication of interim results just a few weeks ago, trading has exceeded expectations. Strong early demand for the summer collection and lower container rates are bolstering margins and as a result the company now expects to see pre-tax profits of not less than £10.5m for the full year to 2nd October.
- Small Cap Stocks: Active Energy, Hardide, Shoe Zone
- Three Quick Facts: Kingfisher, Shoe Zone, Dalata
- Three Quick Facts: CMC Markets, Frasers, JD Sports
#2. Barkby trims pubs portfolio
AIM listed Barkby Group LON:BARK has provided a pub portfolio update following a review of this division of its business. The company is in the process of thinning down the number of pubs it operates, having negotiated to early lease terminations on two properties whilst it closes in on the disposal of a third. This will reduce the estate’s size to three, with management noting that the hospitality sector continues to face a combination of economic challenges. Arguably this tone could be of more concern for sector peers than Barkby itself.
#3. CMC Markets strategic stake taken in Blockchain play
CMC Markets LON:CMCX has announced it has taken a 33% stake in StrikeX Technologies, a blockchain solutions business. StrikeX is seeking to deliver traditional financial instruments to the blockchain whilst guaranteeing security, compliance and ease of access.
