Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Wetherspoon’s glass half full as pub chain outperforms
A trading update from JD Wetherspoon LON:JDW covering the 14 weeks to 5th November has shown like for like sales up 9.5% against the comparative. For the last month, a similar 9.4% uptick has been noted, outperforming the wider industry where like for like sale advanced 5.9%. This shows a continued theme of outperformance for the business and arguably underlines the benefits of the brand’s value proposition in the current market.
- UK Stock Market News: Wetherspoons, ASOS, Energean
- Companies Reporting: Prudential, M&G, Wetherspoons
- UK Stock Market News: easyJet, Wetherspoon, Great Portland Estates
#2. Smiths News revenues edge only marginally higher despite rising cover prices
Smiths News LON:SNWS has full year results out, with revenues edging ever so slightly higher. Performance has been ahead of full year expectations although despite cover price increases and key events including the football World Cup and the Royal Succession, the uptick in income is perhaps slightly underwhelming. The new FY – now two and a half months in – has apparently started well, is on target to meet full year expectations and cost reduction plans remain in place.
#3. Scotgold Resources major shareholder quits as director amidst conflict of interest issues
A potentially pivotal note from Scotgold Resources LON:SGZ this morning noting that director Nat le Roux has resigned from the board with immediate effect. Mr le Roux is the major secured creditor of SGZ Cononish, a subsidiary of Scotgold, and also the group’s largest shareholder. Given the perilous state of the subsidiary, conflicts of interest were clear, forcing the director out in the wider interest of shareholders. What this means next however is still to be declared – further updates are promised but the board is now considering all options.
