This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
In London, it seems the newsflow outweighs the volatility as the macro picture takes a backseat to corporate reporting. Scottish pension provider Standard Life has opened higher after posting a healthy set of first-half figures. Traders welcomed the rise in assets under management, operating profit and dividend. The stock is trading at £3.70, up 1.7% on the day.
Mining company Fresnillo has slipped into the red as a decline in costs and an increase in silver production has not been enough to offset the large drop in gold output; soft metal prices remain an issue for the miner.
Credit Agricole has taken a hit on its position in Banco Espírito Santo. The French bank is higher on the day as dealers hope this is the last they will be hearing of the writedown.
InterContinental Hotels blamed political uncertainty in some of the regions it operates in for the drop in first-half profits. The good news is that booking pace is rising and the interim dividend has increased.