Source: Sharecast
STOCKS TO WATCH
Insurance firm Admiral Group delivered a robust set of interim results on Thursday, with growth in customer numbers and a continued focus on pricing discipline helping to offset sector-wide pressures. Admiral said pre-tax profits from continuing operations jumped 69% to £521.0m, driven by standout performances in UK Motor, Household, and Admiral Money, with insurance revenue rising 18% to £2.47bn and gross loan balances at Admiral Money climbing 25% to £1.28bn.
National Grid said it had sold its Grain LNG business to a consortium of Centrica and Energy Capital Partners, part of Bridgepoint Group, for £1.66bn. Grain LNG owns and operates the UK's largest liquefied natural gas importation terminal under long term take or pay contracts.
Copper miner Antofagasta has reported a 60% surge in first-half profits on the back of increased output and materially lower costs, helping to drive margins to their highest in four years. EBITDA totalled $2.23bn in the six months to 30 June, up from $1.39bn the year before, with revenues rising 29% to $3.80bn. The company also more than doubled its interim dividend per share to 16.6 cents from 7.9 cents.
NEWSPAPER ROUND-UP
The flow of new rental properties coming onto the market has fallen at the fastest rate since the first Covid lockdown five years ago, according to research by Britain's property surveyors. Although the demand for properties is steady, there are fewer new rentals from landlords coming available, the Royal Institution of Chartered Surveyors found. – Guardian
The ticket resale website StubHub may have failed to prevent breaches of consumer law on its platform when it allowed a prolific tout to advertise more than 300 tickets for a Lewis Capaldi concert, experts have said. StubHub and fellow secondary ticketing platform Viagogo are under intense scrutiny from ministers, who are considering whether to ban for-profit ticket resale in an effort to protect fans. – Guardian
Britain's audit watchdog is offering cash to staff to help them "adjust" to their new office commute, which adds just six minutes to their current journey. The Financial Reporting Council, which regulates the accounting sector, has offered to financially support staff after moving from Moorgate in the City of London to Canary Wharf in Docklands, which is just two stops away on the Elizabeth Line. – Telegraph
Rachel Reeves has been urged to scrap her controversial non-dom tax crackdown to lure foreign billionaires back to invest in Britain's much-needed building projects. Leo Quinn, the chief executive of construction giant Balfour Beatty, said the Chancellor's abolition of the non-dom regime had driven away crucial investment from the nation's infrastructure. - Telegraph
Virgin Trains has signed a deal with Alstom, the French train manufacturer, for 12 high-speed trains as Sir Richard Branson's company cranks up its bid to take on Eurostar on cross-Channel rail services. The company's submission to the Office of Rail and Road to be allowed to run services on HS1, the high-speed line from London St Pancras to the Kent coast and through the Channel tunnel, has revealed that Virgin has "secured binding exclusivity" with Alstom for a dozen Avelia Stream trains. – The Times
PwC, the Big Four accountant, has introduced a "traffic light" system to ensure staff are meeting a mandate to attend the office at least three days a week. The dashboard uses pass swipes and wi-fi connections to determine whether workers are "amber", if their office attendance falls below 60%, or "red" if it dips under 40%. – The Times
US CLOSE
Rising hopes of an interest-rate cut in September pushed US stocks higher on Wednesday, with the S&P 500 and Nasdaq both settling at new all-time highs.
At the close, the Dow Jones Industrial Average was up 1.04% at 44,922.27, while the S&P 500 advanced 0.32% to 6,466.58 and the Nasdaq Composite saw out the session 0.14% firmer at 21,713.14.
Reporting by Iain Gilbert at Sharecast.com