Costain, Wood Group and by Legal & General

“The FTSE 100 was lower in early trading with London's main market seemingly running out of steam following the rally seen over the past couple of days when Brexit concerns were temporarily put to one side,” says AJ Bell Investment Director Russ Mould.

Engineering solutions provider Costain was an early riser with investors noting the group’s strong first half performance and an order book which is being maintained at record levels. Repeat orders continue to represent more than 90% of Costain’s order book which underscores the strength of the group’s long term relationships with its customers.

Oil equipment and services specialist Wood Group’s shares were down in early trading with it continuing to expect full-year earnings to be about 20% down on last time. The group has been buffeted by the oil price slump as its customers cut back their spending. Wood responded with a cost-cutting programme and showed its faith in the future by increasing its dividend and it repeated its intention to make another double-digit hike this year.

The changing face of pension provision has been highlighted by Legal & General’s latest figures for new business sales from its retirement division.  Within a year of entering the lifetime mortgage market, L&G now provides more lifetime mortgages to customers than individual annuities as people increasingly opt to access wealth that is locked up in bricks and mortar.

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