HSBC, Next and Moneysupermarket.com

“The FTSE100 slipped into negative territory in early trading following a softer Wall Street and a fall in crude prices due to concerns over a global glut,” says AJ Bell Investment Director Russ Mould.

HSBC was an early riser as investors overlooked the sharp fall in the bank’s first half profits and were wooed by a $2.5bn share buyback programme. HSBC is giving back nearly half the $5.2bn it received through the sale of its Brazil businesses last month. HSBC is making progress in cutting costs and continuing to reduce risk-weighted assets.

Fashion group Next has warned that the cost of buying materials will increase due to the fall in sterling following the Brexit vote. The consumer environment is likely to remain tough for the rest of the year and the third quarter will be particularly challenging as it was Next’s best quarter last year and the group is budgeting for full price sales growth to be worse than in the second quarter. 

Price comparison website Moneysupermarket.com was down in early trading after long-standing chief executive Peter Plumb confirmed he planned to step down on or before the annual general meeting in May. The group’s share price has soared since Plumb took over in 2009 and a formal process to find a successor is under way. Statutory first half pre-tax profits rose by 25% and the group remains confident of delivering its expectations for the year.

These articles are for information purposes only and are not a personal recommendation or advice.