FTSE 100 Holding Up With Mining Stocks Gaining, Results Round Up 16th May

The FTSE 100 was holding up in early trading today, as mining and oil stocks lead the way. The main UK index has yet to break past the high of Friday, and stood at 6121.0 at 9:00am. Spot Gold was pushing higher at $1280 and WTI Crude Oil for June at new highs of $47 per barrel.

There’s been a few companies releasing results today in the UK, here’s a short round up of some of the reports.

British Land Co (BLND) published a strong set of results today. Highlights include a jump in underlying profit of 16% at £363M, up from £13M in the previous year. Dividend per share was raised by 2.5% to 23.86p.

Chief Executive of British Land, Chris Griggs said: “We have delivered another strong set of results with performance underpinned by strengthening rental growth across our business. We are focusing the business around long term trends and continue to see the benefits of the investments we have made in recent years.”

Lonmin (LMI) helped to boost mining stocks, as one of the world’s largest producers of Platinum showed narrowing losses and a positive outlook in its half year results reported today. Revenue increased from $508m to $515m, operating loss narrowed from $84M to $15M and capital expenditure reduced from $65M to $27M. LMI share price was up 14% in early trading.

Chief Executive Officer Ben Magara stated: “These results reflect the positive momentum in Lonmin, we have delivered on our promise to restructure and cut high cost production in this oversupplied market while simultaneously reducing costs and improving cashflows.”

ICAP plc (IAP) published full year results with a leading statement that called 2015/16 “A transformational year”. ICAP is a provider of post trade risk and information services. Revenue was down by 6% in challenging markets.

The company has invested £96 Million in new product initiatives, and is busy in a turnaround in the company and naming to NEX Group plc. Michael Spencer, Group Chief Executive Officer, said: “It has been a transformational year for ICAP and I believe that we are now on the cusp of one of the most exciting eras in the Company’s 30-year history.”

From http://www.livecharts.co.uk/livewire/2016/05/ftse-100-holding-up-with-mining-stocks-gaining-results-round-up-16th-may/


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