Good morning from London where the FTSE 100 remains rangebound at pretty much the same level its been at for the last six days. Some good UK corporate updates have so far been counterbalanced by a tough morning for financial stocks.
All of the early fallers were banks, insurers or wealth platforms, but there was better news from Marks & Spencer, which has restored its dividend for the first time in four years after a 56% jump in first half profits. Food sales led the way and clothing also did well though there was a hint of caution about the rest of the year.
Pub group JD Wetherspoon is also booming with like-for-like sales 9.5% higher in its latest quarter. Moves by broadcaster ITV to take some of the fat out of its programme roster appears to have offset a decline in TV advertising revenue to keep revenues more or less flat. Streaming service ITVX was a highlight with revenues up by almost a quarter.
And finally in small caps, Rainbow Rare Earths shares are up as US government-backed TechMet took an option over a key project in South Africa.
