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CFD Traders DiaryMixed corporate results on a very busy day8/2/2007 On a very busy day for blue
chip announcements, the FTSE 100 index is so far down a little after five days
of straight gains. Weaker metal prices have
subdued mining stocks early on, but generally the results were again fairly
solid.
BT Group was this morning’s early star
following a strong set of Q3 numbers, with profits for the period in
line with expectations and net retail broadband additions showing further
growth. Profit before tax and special
items and staff leaving costs for 2006’s Q4 jumped 13% to £643m on revenue 5%
higher at £5.13bn. Reckitt Benckiser was also up over 3%
after it reported an increase in full year revenue and net profit and said it
expects to enjoy growth in 2007. Net
revenues grew 18% in the full year to £4.9bn, while the underlying business,
excluding the recent acquisition of BHI, rose 6%. BG, the UK's third largest oil and gas producer, reported an 18%
decline in net profit as milder than usual weather in the US and Europe hit oil prices, although this was better than
expected and the shares also began well. Rolls-Royce
said it ended 2006 with a record order book and lifted full year underlying
profit before tax by 19% despite challenging conditions.
On the other hand, full year figures from Unilever failed to impress, despite reporting forecast beating
full year earnings. The group said it expects to deliver underlying sales
growth in 2007 within its 3-5% longer term target range. HSBC
was also marked down overnight in Hong Kong after it warned that its bad
debt charge for 2006 would be over $10.5bn, 20% higher than expected. ICI
reported a decline in Q4 pre-tax profit from the year before as costs rose and
demand in the US waned.
In other news, Vodafone rose
after announcing it will merge its 3G mobile phone network in the UK with Orange, owned by France Telecom.
There was also good news for consumers as Centrica said its British Gas unit would cut residential gas and
electricity prices from 12 March. Marks & Spencer fell after it
became the latest name to be linked with a potential bid for J Sainsbury,
according to press reports. |
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