FTSE 100 started the week modestly strong, gaining 24 points to 7,447. Pearson was one of the index’s biggest risers after raising margin guidance.
HSBC increased its targeted return for the financial year to 12% or more, up from 10%. The bank also will also reinstated a quarterly dividend to pre-Covid levels.
JD Sports offloaded Footasylum for nearly a third of the £90mln it paid three years ago. It was forced to sell the business after the takeover was blocked by the UK’s competition watchdog.
Mortgage borrowing rules were eased after the Bank of England scrapped an affordability test. This may help potential borrowers get loans, including self-employed and freelance workers.
On the small caps, Ondo InsurTEch said it will begin rolling out its LeakBot device across Denmark this September. LeakBot is a water pipe monitoring system that helps prevent water leaks.
DeepVerge’s subsidiary Modern Water announced new orders in India and North Africa worth £2.1mln. The orders are expected to be completed in the current financial year and in 2023.
Trident Royalties said ongoing exploration drilling has boosted the resource base at the Rebecca gold project in Australia to 1.2mln ounces. Trident holds a 1.5% net smelter return royalty over Rebecca.