Bank NatWest found itself at the top of the FTSE-100 in early trade on Friday after announcing Q1 results. The 26% increase in profitability beat analyst expectations and forward guidance saw projections for full year Return on Tangible Equity (RoTE) to land at the upper end of forecasts. With the government’s remaining stake in the bank soon to be sold down, the prospect of dividend payments and other capital returns also bolstered support for the stock. The NatWest share price was up 2.5% in early trade.
A second day of bumper gains for the Ukrainian focused iron company Ferrexpo. There’s no market news here but the idea that an end to Russia’s invasion of Ukraine may soon be coming to an end is bolstering support for the stock. The 22% uptick seen on Thursday has been augmented on Friday morning with the Ferrexpo share price adding a further 16% shortly after the opening bell.
The educational publisher Pearson was the worst performer on the main board this morning, following the release of the company’s Q1 trading update. Underlying group sales were up 1%, 2025 guidance remains on track and the medium term outlook is also unchanged. There are new contract wins and also news of a further £350m share buyback buy investors have given the report a lukewarm response. The Pearson share price was around 3% lower by 8.45am.
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