Bovis reports improved balance sheet, Mitchells 'strong' sales
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The FTSE 100 was expected to put on 11 points on Friday, having finished at 7,762.94 the session before.
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Bovis Homes built a lower number of homes in 2017 but reported much improvement in its balance sheet and in customer satisfaction after the controversy that saw its previous chief executive depart under a cloud last summer.
The housebuilder reported a strong forward order position and expects a "significant improvement" in profitability in 2018.
Discount retailer B&M European Value reported a strong quarter of growth in the pre-Christmas period, helped by 22 new store openings and keeping prices low in the UK and Germany. For the 13 weeks to Saturday 23 December, the FTSE 250 company generated £969.8m of revenues, up 22.7 % at constant currency.
Restaurant and pub chain owner Michells & Butlers said trading through the core three week festive season was “strong”, with LFL sales growth of 3.9%. Christmas Day was a record taking day with like-for-like sales growth of 5.4% and 225,000 meals sold.
Newspaper round-up
The American boss of Barclays has told Theresa May that the UK’s tax regime is not competitive during a meeting to discuss Brexit. Jes Staley said that the government could do more to make Britain competitive as ministers prepare to begin negotiations with the European Union about how financial firms will be able to operate in a transitional period after the UK leaves the bloc. – The Times
The former owner of BHS, Dominic Chappell, has been found guilty of three charges of failing to provide vital documents to the pensions watchdog. Chappell, 51, was charged with neglecting or refusing to respond to three section 72 notices demanding he hand over vital documents and information relating to the purchase of the company. – Guardian
New Look, the high street fashion retailer, is considering a plan to close about 10 per cent of its British stores. The South African-owned chain is working on proposals to enter a company voluntary arrangement (CVA), a process often used by struggling retailers to reduce financial obligations to creditors. Such agreements allow companies to pay off their debts over a fixed period of time but remain in business. – The Times
US close
Like the weeble toy of old, the Dow Jones wobbles but does not fall down for long, as Wall Street bounced back from the prior session's losses to record another new high on Thursday ahead of bank earning season the next day and as the dollar took a bruising.
The Dow Jones Industrial Average finished on the up at its highpoint of the day, rising more than 205 points of 0.8% at 25,574.73, while the Nasdaq also notched up a record close with a 0.8% gain to 7,211.78. The S&P 500 was 0.7% firmer at 2,767.566 by the closing bell.
The dollar took a beating against the euro after the minutes of the latest meeting of European Central Bank's rate-setters indicated they might harden the guidance for their policy settings.