Given the strength of the company’s Q3 numbers which were posted this morning and the accompanying upgrade to the full year profit outlook, it’s no surprise that the fashion and home wear retailer Next has found its shares towards the top of the table this morning. The trading statement highlighted a 10.5% jump in full price sales over the last 13 weeks, delivering a cash impact some £76m higher than had been expected. The full year profit forecast has been upgraded by a further £30m and surplus cash will be returned to shareholders by way of a special dividend early in the new year. The Next share price was up more than 5% off the back of the news.
A Q3 production report from the commodity trading and mining company also gave markets cause for cheer this morning. Management have said that despite previous headwinds, the company remains on track to hit full year production goals and despite some top end guidance being dialled down most notably in copper output, the reaction has been a positive one. It’s worth noting however that the stock has struggled against industry peers so even though the news here is far from stellar, consensus seems to be that it could be worse. The Glencore share price was up almost 7% in the first few minutes of trade.
The critical metal and industrial gas specialists 80 Mile issued a note this morning advising that a JV partner had recently published the findings of an independent resource estimate. 80 Mile’s share of the project means that its share could be as much as 3.9 billion barrels of oil resources from across the Jameson basin. Management see this as being a milestone achievement for the project, making the site the 13th largest oil accumulation globally as filed with the SEC. The 80 Mile share price jumped as much as 18% in early trade before handing back around half those gains by 8.40am.
Most read news on Investegate this morning
Trading Statement - - Next (NXT)
13 Billion Barrel Potential Identified at Jameson - - 80 Mile (80M)
