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“The FTSE100 opened in defiant mood, given an overnight decline on Asian markets, with inflation data due mid-morning,” says AJ Bell Investment Director Russ Mould.
“International equipment rental group Ashtead topped the blue-chip board in early trading after it raised its full year guidance. The group had a strong first half and its good underlying performance was enhanced by clean-up efforts following the devastation caused by hurricanes Harvey, Irma and Maria. Activity is likely to return to more normal levels in the second half but Ashtead is on course to report full year figures ahead of its previous forecasts and it also aims to return up to £1bn to shareholders through buybacks over the next 18 months. Ashtead's shares were up by more than 4.6%.
“Carpetright’s shares slumped after it warned that its full year underlying pre-tax profits would be towards the bottom end of forecasts. Like-for-like sales in the UK in its core flooring arm increased in the first half but this was offset by clearance of discontinued lines in the beds business and also unsuccessful deeper discounting promotions in the Netherlands and Belgium. Carpetright’s shares were down by over 5.4%.
“Balfour Beatty opened higher after it confirmed it was increasingly confident of achieving industry-standard margins in the second half of 2018. The action the group has taken during the first three years of its Build to Last programme has laid a solid foundation for long term profitable growth. The group has continued to win new business in its chosen markets on terms and at rates which reflect the bidding discipline and risk management introduced under the programme. Balfour Beatty’s shares were up by more than 1%.”
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