5 May 2021 | 07:09am
StockMarketWire.com - Banking group Virgin Money UK swung to a first-half profit after a drop in bad debt charges offset a weaker operating income.
Pre-tax profit for the six months through March amounted to £72 million, compared to year-on-year losses of £7 million.
Underlying profit more than doubled to £245 million, up from £120 million, as impairment losses on credit exposures fell to £38 million, down from £232 million.
Underlying operating income fell 9% to £743 million. The quality of our loan book remained resilient in the period, and we ve continued to support customers and look after our colleagues and communities, while safeguarding the bank, chief executive David Duffy said.
boohoo results and ITV update to mark mid-point of shorter week
The insurance sector is also in focus with trading updates expected from Direct Line and Hiscox
The mid-point of the shortened post-Bank Holiday week will see final results from online fashion firm boohoo and a trading update from broadcaster ITV dominate the diary as investors eye more clarity on two companies that have faced opposing effects from the coronavirus pandemic.
Meanwhile, investors may also be looking at the insurance sector, with trading updates expected from both Direct Line and Hiscox.
boohoo hopes for tears of joy after bumper year
LONDON MARKET CLOSE: DAX underperforms in rocky European session
Tue, 4th May 2021 17:08
(Alliance News) - A bright start to an abbreviated trading week in London soured into the afternoon, with stocks closing Tuesday in the red despite some upbeat UK manufacturing data.
Frankfurt s DAX 30 was particularly hard-hit amid Tuesday s sea of red after Infineon Technologies warned of continued chip supply problems.
The FTSE 100 index closed down 46.64 points, or 0.7%, at 6,923.17 on Tuesday. Markets in London were shut on Monday.
The FTSE 250 ended down 167.33 points, or 0.7%, at 22,330.04 on Tuesday, and the AIM All-Share closed down 23.09 points, or 1.8%, at 1,261.67.
The Cboe UK 100 ended down 0.8% at 688.47, the Cboe UK 250 closed down 0.7% at 20,007.61, and the Cboe Small Companies ended up 0.2% at 14,691.07.
2 Min Read
April 28 (Reuters) - Australian shares edged higher on Wednesday as energy stocks rose tracking an uptick in oil prices, though losses in gold and technology capped gains.
The S&P/ASX 200 index rose 0.11% to 7,041.5 points by 0027 GMT.
The top percentage gainer on the benchmark index was Ansell Ltd, rising 5.1% after projecting strong sales growth for the half year and full year.
The top percentage losers on the index were St Barbara Ltd , with a 7.6% fall, and JB Hi-Fi Ltd, losing 3.9%, as both companies reported disappointing earnings for the quarter.
Shares of Bingo Industries Ltd were the most traded by volume for the second day in a row, after it said on Tuesday it would be bought by funds managed by Macquarie Group for $1.8 billion.
-Research To Download
By Rudi Filapek-Vandyck, Editor FNArena
A lot of what happens in the share market, in particular this year, relates to relativity and simple mathematics; both I feel are not necessarily well understood, let alone fully appreciated by many an investor.
To illustrate my point, let s imagine a company called XYZ; bear with me, it ll be worth it.
XYZ previously reported profits after tax of circa $100m but due to a series of misfortunes that has now shrunk to $25m and the share price reflects this. The usual scenario unfolds. The board appoints a new CEO, who brings in a new broom, takes write-offs, announces a restructuring and new plans are being communicated and executed.