Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Profit and impairments both rise at Standard Chartered
Standard Chartered LON:STAN published Q1 results this morning, noting a 5.5% increase in Q1 pre-tax profits, a number which was ahead of estimated. RoTE of 15.2% was also posted and operating income increased at the top of the previously stated range. Credit impairments did however worsen notably.
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#2. Shell share buy back
Q1 numbers were also out from Shell LON:SHEL this morning with profits around 20% ahead of expectations despite weaker gas prices. That bucks the trend seen by many industry peers in recent weeks, with the company noting that high refining margins and strong oil trading had also helped. Shareholders are being rewarded with another $3.5billion share buy back.
#3. Melrose on a tear as bumper annual profit increase remains on target
Melrose Industries LON:MRO published a trading update this morning for the three months to March 31st. The company noted 8% revenue growth, whilst keeping in line with previously offered guidance operating profits also continue to improve rapidly. Full year expectations with profits expected to rise by 33% remain intact and management add that gains should be seen over the longer term, too.
