Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Trading update sees CMC profits surge
The online trading and investing company CMC Markets LON:CMCX issued an interim trading update this morning, noting a 45% increase in net operating income transforming the £2m loss posted a year ago into a £51m profit. Management highlight the diversification strategy and expansion of B2B activity as being key drivers, with costs also falling by 7%.
#2. Rio confirms Arcadian Lithium terms
Rio Tinto LON:RIO has today confirmed it has agreed terms for the acquisition of Arcadian Lithium as first noted at the start of the week. The agreed price represents a 90% premium to Friday’s closing price, whilst the acquisition is seen as being a significant step forward in Rio Tinto’s long term strategy, augmenting existing focus metals with Lithium.
#3. Marstons posts market outperformance
There’s a full year trading update out from Marstons LON:MARS this morning noting strong revenue growth and market outperformance. Like for like sales were 4.8% higher and the momentum here combined with cost efficiencies means that management expect profits to be in line with market expectations. The sale of the stake in CMBC has also enabled some debt to be paid off. Full results will be issued at the start of December.
