LONDON (Alliance News) - London stocks moved cautious higher in early trade on Thursday despite falls overnight in Asia on recent elevated worries over the US-China trade spat. FirstGroup was the best performer in the FTSE 250 on its strategy shift and intended sale of its North American coach unit, while Daily Mail & General Trust shares gained on an upbeat outlook for the unit which houses the Daily Mail newspaper.The FTSE 100 was up 19.71 points, or 0.3%, at 7,205.01 early Thursday. The FTSE 250 was up 84.01 points, or 0.4%, at 19,030.12. The AIM All-Share was up 0.2% at 958.82.The Cboe UK 100 index was up 0.4% at 12,218.93. The Cboe UK 250 was up 0.4% at 17,108.92 with the Cboe UK Small Companies flat at 11,814.3.London's leading index was breaking a week-long losing streak - albeit a week abbreviated by Monday's bank holiday - as the index clawed back some recent trade war-drive losses. Major selling was sparked on Wednesday by news China had threatened to restrict rare earths exports to the US, a move which saw London's index of large-caps slip 1.2%."At present, the US completely overestimates its ability to manipulate the global supply chain," Chinese government mouthpiece People's Daily said. "In the future, don't say that we didn't warn you beforehand!" the newspaper ominously warned.Naeem Aslam at ThinkMarkets said the trade war has now become a "bare knuckle fight"."The US needs to have a plan in place in order to fight with this threat, because this is huge. It is going to impact the technology sector. For this particular reason, the US futures and European markets are trading soft today," Aslam said.In mainland Europe, the CAC 40 index in Paris and the DAX 30 in Frankfurt were up 0.3% and 0.4% respectively.In Asia on Thursday, the Japanese Nikkei 225 index ended down 0.3%. In China, the Shanghai Composite closed down 0.3%, while the Hang Seng index in Hong Kong is down 0.4%.In the FTSE 100, Johnson Matthey fell 2.0% after the speciality chemicals firm's annual profit came short of analyst expectations. Johnson Matthey reported 53% growth in pretax profit to GBP488 million in the financial year that ended on March 31 compared to GBP320 million reported the year earlier, as revenue rose 4.6% to GBP10.75 billion from GBP10.27 billion.Profit came in below market expectations, however. According to company-compiled consensus figures for financial 2019, pretax profit was expected to jump 56% to GBP500.7 million. Imperial Brands was up 1.2% after the tobacco major said on Wednesday its US business gained market share in recent months amid a decline in overall industry volumes there.The tobacco firm's US business, ITG Brands, experienced a "14 basis point gain in share over the past 26-week period". Imperial Brands said it is forecasting annual US industry volume declines to remain around 4.5% to 5.0%.FirstGroup was the best performer in the FTSE 250, up 8.5% after the transport operator said it will be pursuing the sale of its Greyhound bus operations in North America.Going forward, North America will be FirstGroup's core market, however centred on First Student and First Transit which together generated 60% of group operating profit in 2019.In order to focus on this market, FirstGroup will be separating two of its divisions, one of which will be its UK Bus operator, First Bus."First Bus has limited synergies with our other operations and, having set the business on the path to increased profitability, we believe now is the right time to pursue structural alternatives," the company explained.The other is North American intercity coach operation Greyhound."Greyhound has limited synergies with our other, predominantly contract-based, North American businesses and we believe that value for shareholders can best be delivered by seeking new owners," said Stagecoach, adding that a formal sale process for the unit has now begun.Turning to its UK rail operations, FirstGroup said it has "concerns with the current balance of risk and reward being offered".Separately, the transport operator said revenue for the financial year to the end of March rose 11% to GBP7.13 billion while its pretax loss narrowed dramatically to GBP97.9 million from GBP326.9 million. On an adjusted basis, pretax profit rose 15% to GBP226.3 million.De La Rue shares tumbled 21% after the security and anti-counterfeiting firm said Martin Sutherland will be leaving as chief executive as the company posted a steep fall in annual profit.Revenue for the year to March rose 14% to GBP564.8 million, but pretax profit dropped to GBP31.5 million from GBP123.0 million. This was as total operating expenses climbed to GBP533.3 million from GBP370.9 million.The company took exceptional items of GBP27.9 million - versus a gain of GBP60.9 million the year before. The recent year's exceptional costs included a GBP18.1 million credit loss provision related to Venezuelan sanctions.Separately, De La Rue said Sutherland will be leaving but will continue to serve as CEO until his successor is in place. "With a clear strategic vision now in place and being executed, now feels like the right time for me to hand over to a new leader, to take things to the next phase," said Sutherland, who has been CEO for almost five years.Daily Mail & General Trust shares were up 9.3% as the publisher reported a sharp fall in interim profit, though saw a better-than-expected result from its Consumer Media unit.Revenue for the half year to March fell 3% to GBP724 million from GBP746 million - though rose 1% on an underlying basis. Pretax profit halved to GBP50 million from GBP113 million. On an adjusted basis, pretax profit slipped 3% to GBP100 million.Consumer Media - the unit which houses the Daily Mail, The Mail on Sunday and MailOnline - reported a 1% rise in revenue on an underlying basis. MailOnline's underlying revenue growth of 16% offset a 3% decrease in print advertising revenue and a 2% decrease in circulation revenue.The firm said its annual outlook is broadly unchanged, though with Consumer Media expected to now post a low-single digit underlying revenue decline, revised from a mid-single digit decline.Watches of Switzerland said it will be worth just under GBP650 million when it floats on the London Stock Exchange next week.The luxury watch seller said it priced shares at 270p each, offering 57.4 million new shares to raise GBP155 million for the company, plus 24.1 million existing shares to bring the total offer size to GBP220 million.Conditional dealings are due to begin on Thursday, while admission of the company's shares and unconditional dealings are expected to commence on Tuesday next week.
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UK earnings, trading statements calendar - next 7 days
Friday 22 July | |
Beazley PLC | Half Year Results |
FRP Advisory Group PLC | Full Year Results |
Record PLC | Q1 Results |
Monday 25 July | |
ECO Animal Health Group PLC | Full Year Results |
F&C Investment Trust PLC | Half Year Results |
GlobalData PLC | Half Year Results |
JTC PLC | Trading Statement |
Plant Health Care PLC | Trading Statement |
SThree PLC | Half Year Results |
Vodafone Group PLC | Trading Statement |
XLMedia PLC | Trading Statement |
Tuesday 26 July | |
Aberforth Smaller Companies Trust PLC | Half Year Results |
Ascential PLC | Half Year Results |
Bytes Technology Group PLC | Trading Statement |
Capital & Counties Properties PLC | Half Year Results |
Cohort PLC | Full Year Results |
Compass Group PLC | Trading Statement |
Drax Group PLC | Half Year Results |
easyJet PLC | Trading Statement |
Ergomed PLC | Trading Statement |
Franchise Brands PLC | Half Year Results |
Games Workshop Group PLC | Full Year Results |
Gore Street Energy Storage Fund PLC | Full Year Results |
Greencore Group PLC | Q3 Results |
John Menzies PLC | Trading Statement |
Medica Group PLC | Trading Statement |
Mitie Group PLC | Trading Statement |
NewRiver REIT PLC | Trading Statement |
Playtech PLC | Trading Statement |
Reach PLC | Half Year Results |
Ricardo PLC | Trading Statement |
Sabre Insurance Group PLC | Half Year Results |
SME Credit Realisation Fund Ltd | Full Year Results |
Trifast PLC | Full Year Results |
Tyman PLC | Half Year Results |
Unilever PLC | Half Year Results |
Vivo Energy PLC | Half Year Results |
Wickes Group PLC | Trading Statement |
Wednesday 27 July | |
Aptitude Software Group PLC | Half Year Results |
Aston Martin Lagonda Global Holdings PLC | Half Year Results |
BlackRock Energy & Resources Income Trust PLC | Half Year Results |
Breedon Group PLC | Half Year Results |
British American Tobacco PLC | Half Year Results |
FirstGroup PLC | Trading Statement |
Fresnillo PLC | Q2 Production Results |
GSK PLC | Half Year Results |
Hargreaves Services PLC | Full Year Results |
Hiscox Ltd | Trading Statement |
Ibstock PLC | Half Year Results |
International Personal Finance PLC | Half Year Results |
Lancashire Holdings Ltd | Half Year Results |
Lloyds Banking Group PLC | Half Year Results |
Marston's PLC | Trading Statement |
Motorpoint Group PLC | Trading Statement |
musicMagpie PLC | Half Year Results |
Nichols PLC | Half Year Results |
Primary Health Properties PLC | Half Year Results |
Quartix Technologies PLC | Half Year Results |
Reckitt Benckiser Group PLC | Half Year Results |
Rio Tinto PLC | Half Year Results |
Smart Metering Systems PLC | Half Year Results |
Smurfit Kappa Group PLC | Half Year Results |
Ted Baker PLC | Trading Statement |
Unite Group PLC | Half Year Results |
Wizz Air Holdings PLC | Q1 Results |
Yourgene Health PLC | Full Year Results |
Thursday 28 July | |
Airtel Africa PLC | Trading Statement |
Anglo American PLC | Half Year Results |
Aveva Group PLC | Trading Statement |
BAE Systems PLC | Half Year Results |
Barclays PLC | Half Year Results |
Bodycote PLC | Half Year Results |
BT Group PLC | Q1 Results |
Centrica PLC | Half Year Results |
CVS Group PLC | Trading Statement |
De La Rue PLC | Trading Statement |
Diageo PLC | Full Year Results |
discoverIE Group PLC | Trading Statement |
Dr Martens PLC | Trading Statement |
Elementis PLC | Half Year Results |
FDM Group PLC | Half Year Results |
Forterra PLC | Half Year Results |
Foxtons Group PLC | Half Year Results |
GB Group PLC | Trading Statement |
Greencoat UK Wind PLC | Half Year Results |
Hammerson PLC | Half Year Results |
Headlam Group PLC | Trading Statement |
Inchcape PLC | Half Year Results |
Indivior PLC | Half Year Results |
Informa PLC | Half Year Results |
ITV PLC | Half Year Results |
Jupiter Fund Management PLC | Half Year Results |
Logistics Development Group PLC | Trading Statement |
Metro Bank PLC | Half Year Results |
Mitchells & Butlers PLC | Trading Statement |
Mortgage Advice Bureau (Holdings) PLC | Trading Statement |
Mothercare PLC | Full Year Results |
MySale Group PLC | Trading Statement |
National Express Group PLC | Half Year Results |
Quixant PLC | Trading Statement |
Rathbones Group PLC | Half Year Results |
Relx PLC | Half Year Results |
Rentokil Initial PLC | Half Year Results |
Restore PLC | Half Year Results |
Robert Walters PLC | Half Year Results |
Schroders PLC | Half Year Results |
Segro PLC | Half Year Results |
Shell PLC | Q2 Results |
Smith & Nephew PLC | Half Year Results |
St James's Place PLC | Half Year Results |
Vesuvius PLC | Half Year Results |
Volex PLC | Half Year Results |
Weir Group PLC | Half Year Results |
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