Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. So much for ‘beyond petroleum’ as bp strikes biggest oil find in 25 years
The energy giant bp has this morning announced an oil & gas discovery off the coast of Brazil. Whilst marking the 10th such find this year, this is recognised as being the company’s largest in a quarter of a century.
2. Lloyds claims no material increase in motor finance provisions expected
Lloyds Banking Group has this morning responded to the court of appeals ruling from Friday over the motor financing saga plus accompanying FCA comments from the weekend. The Bank has already made significant provisions for settlement here and the note adds that after initial assessment and pending resolution of the outstanding uncertainties – in particular the FCA redress scheme – any change to the size of the provision is unlikely to be material in the context of the Group.
- UK Stock Market News: Lloyds, Intercontinental Hotels, Unilever
- Could UK banks become fiscal fodder for Reeves’ Budget?
3. Revenues, profits off at Clarkson as global economic uncertainty weighs
Clarkson has this morning issued interim results noting a 4% decline in revenues which translates to a close on 25% drop in profitability. Directors are set to increase the interim dividend modestly to emphasise the ongoing momentum that’s being seen here and whilst management acknowledge shifting economic conditions and evolving trade dynamics, there’s optimism over the long term value proposition. The question is, will investors be so keen to support this view?
