Three developing stories at the UK stock market open.
1. Close Brothers revises car finance liability
Close Brothers LON:CBG has issued an update on the motor commissions case this morning, noting that they believe the extent of their liability to be in the region of £165m. That’s significantly lower than analyst estimates from late last year of around £250m. Clearly this story still has some way to go but the news here may well be welcomed by the market.
2. Barratt sees completions, average prices rise
Housebuilder Barratt [LON:BTRW] has interim numbers out today, including news that completions are up 11%, revenues are up 23% and average selling prices were also increasing – a trend that hasn’t been seen by some peers. Investors are receiving a 25% increase in the interim dividend and a £100m per annum share buyback.
3. Helium One confirm drill mobilisation at Colorado site
Helium One LON:HE1 have this morning confirmed progress at the Galactica project in Colorado. Shares jumped yesterday with an announcement from a partner in Australia the likely catalyst here, after a drilling rig was mobilised and rigging up. Drilling is expected to start imminently and no doubt further updates will follow.
