WPP, 3i Infrastructure and Centamin

“The FTSE100 opened lower following a mixed Asia session with traders looking to a string of economic data throughout the day. In the UK, mortgage approvals and net lending will be closely watched, while in the EU inflation and GDP data will be in focus, followed by US personal spending and income,” says AJ Bell Investment Director Russ Mould.

“Advertising giant WPP topped the blue-chip index in early trading after the group’s third quarter revenues beat forecasts. WPP chief executive Martin Sorrell was a passionate Remain campaigner during the EU referendum but it has been the fall in sterling since the Brexit vote which has put an added glow to the group’s figures. Revenues were up more than 23% on a reported basis but a more modest 7.6% in constant currencies. WPP is seen as a barometer of the economy and in the UK the growth in net sales slowed on a like-for-like basis. This could be the first signs of Brexit anxiety with uncertainty being the enemy of growth. WPP’s shares were up by more than 3.4%.

“3i Infrastructure is to acquire Infinis plc which is the leading generator of electricity from landfill gas in the UK. The strong cash generation profile of Infinis is a natural fit for 3i Infrastructure and its existing portfolio.

“Centamin expects full-year gold output to be at the upper end of guidance after third quarter production rose to 148,674 ounces - a 6% increase on the previous three months and 41% higher than a year ago. Earnings were 20% up on the second quarter driven by an increase in gold prices and sales volumes together with improved operational efficiencies and lower overall costs.”

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