UK stocks edge higher, SSE reports 44% rise in pre-tax profit

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UK stocks edge higher, SSE reports 44% rise in pre-tax profit

 UK stocks edge higher, SSE reports 44% rise in pre-tax profit
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UK Market News: The UK stock market showed a slow trade on Wednesday, though the blue-chip FTSE 100 index gained around a quarter per cent towards the end of the session. Investors piled back commodity and energy stocks that were pummelled on Tuesday on rumours of the government reportedly launching a windfall tax. Online supermarket stocks, though suffered a sell-off.

SSE Plc (LON: SSE): The share of the multinational energy company SSE Plc jumped around 5%, with a day’s high of GBX 1,883.00. The company reported a 44% increase in pre-tax profit, helped by the electricity production at gas power plants. It said that investment into UK and Ireland infrastructure could exceed £25 billion this decade.

Marks & Spencer Group Plc (LON: MKS): The share of British multinational retailer Marks & Spencer Group Plc fell by around 1%, with a day’s low of GBX 127.35. The company announced that it is fully suspending its Russian operations as it also warned that sharply rising inflationary pressure would slow down its profit growth this year.

Pets At Home Group Plc (LON: PETS): The share of British pet supplies retailer, Pets at Home Group Plc jumped by 11%, with a day’s High of GBX 312.40. The company reported an underlying profit before tax of £144.7 million for the year ended March 31, despite a worsening cost-of-living crisis in the UK.

US Markets: The US market is likely to get a positive start, as suggested by the futures indices. S&P 500 future was up by 10.22 points or 0.26% at 3,951.20, while the Dow Jones 30 futures was up by 0.08% or 30.83 points at 31,959.45. The technology-heavy index Nasdaq Composite future was up by 0.35% at 11,812.85 (At the time of writing – 9:40 AM ET).

US Market News:

The share of American sporting goods retailer Dick’s Sporting Goods (DKS) slid by 14.4% in the premarket trading session after it reported better than forecasted revenue and profit for its latest quarter but issued a weaker than expected outlook for the full year due to rising inflationary pressure. 

The share of American specialty apparel retailer, Express (EXPR) jumped by 11.8% in the premarket trading session after the company reported better than expected quarterly results and raised its comparable-store sales outlook for the full-year. However, the company lost an adjusted 10 cents per share, narrower than the 15 cents forecasted.  

European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 25 May 2022)

1 Year FTSE 100 Chart

 (Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Vodafone Group Plc (VOD), Lloyds Banking Group plc (LLOY) and BP Plc (BP.).

Top 3 Sectors traded in green*: Utilities (1.84%), Energy (1.10%), Basic Materials (0.95%).

Top 3 Sectors traded in red*: Real Estate (1.12%) and Healthcare (-0.40%).

London Stock Exchange: Stocks Performance (at the time of writing)

London Stock Exchange Stocks Performance

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $111.80/barrel and $111.11/barrel, respectively.

Gold Price*: Gold price was quoted at US$ 1,853.59 per ounce, down by 0.62% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.2486; EUR to USD: 1.0654.

Bond Yields*: US 10-Year Treasury yield: 2.729%; UK 10-Year Government Bond yield: 1.8705%.

*At the time of writing





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