London’s FTSE 100 has edged higher after several companies posted better-than-expected results.
Clothing retailer Next kept with its tradition of under-promising and overdelivering after its first-quarter sales came in stronger than previously forecast. Despite the sales beat, second-quarter revenues are expected to slip, meaning full-year guidance has been maintained for the time being.
GSK also beat its first-quarter guidance, with both sales and profits coming in higher than analysts had forecast. However, unlike Next, the pharma giant now expects stronger operating profits and earnings per share growth in the full year.
GSK-listed spin-off Haleon also reported its first quarter results this morning, but with sales slowing due to currency headwinds, it was not in a position to tweak guidance higher.
Similarly, Aston Martin Lagonda also kept its guidance the same after its revenues dropped by a double-digit percentage and its underlying earnings tumbled 34%.
In macro news, markets will likely keep attention fixed on the US tonight, as the Federal Reserve looks to decide on whether to begin cutting or maintain interest rates.
