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. CVS to move to main board, starts share buyback
Slim pickings as expected on a Friday but AIM listed vets group CVS LON:CVSG has announced its intention to migrate its listing to the main board of the LSE and also that a share buyback program of up to £20m has been launched. The company cites the recent CMA clarity over the industry as facilitating both these moves.
2. Income rises at NatWest, FY outlook reiterated
Q3 numbers are out from high street bank NatWest LON:NWG. Tangible income added £0.2bn to come in at £4.2bn, delivering a RoTE (Return on Tangible Equity) of 22.3%. Impairment losses are up YoY although by less than we have seen at some other banks, net interest margins are 20 bps higher and the previously issued full year outlook has been reiterated, with some strengthening in terms of RoTE and income.
- NatWest lifts profit guidance as lending growth underpins strong Q3
- Can NatWest shares continue to hold their own against other UK banks?
3. $100m Gas transmission spend now committed at Energean
Energean LON:ENOG has issued an update this morning advising the market that it has signed a pipeline transmission agreement to take capacity in a new project running from south-central Isreal to the Egyptian border.
That comes with costs of around $100m, 70% of which will be funded by an unsecured loan, and there’s going to be a three year lag between signing and operational start. This is however seen as a long term project to secure energy stability in the Eastern Mediterranean.
