The Asian focused bank published Q3 numbers this morning with profits coming in ahead of expectations and full year guidance being increased, too. Net interest margin was also improved from the position posted a year ago – up to 1.95% against 1.63% - and despite there being no news of a further share buyback as was seen from peer HSBC yesterday, investors have been quick to applaud the numbers. The Standard Chartered share price was up by just over 3% in early trade.
Venture capital firm Molten Ventures issued a half year trading update ahead of interim results which will be published later next month. There has been a modest decline in gross portfolio valuation over the last six months, driven by a higher level of realisations although this is having a corresponding impact on cash balances. Management note this leaves the company well positioned to make new investments as the correct opportunities arise, but the stock continues to trade at a significant discount to the NAV of 644p per share. Shortly after the open, Molten Ventures shares were trading as much as 5.5% lower although the bulk of the losses had been erased by 8.45am.
The sports car manufacturer has had a torrid time of late with shares selling off sharply a month ago after a trading update saw a meaningful adjustment to full year guidance. However today’s Q3 results have evidently given investors a degree of reassurance with management confirming the previously issued full year guidance as a result of proactive management of supply chain disruptions. Average selling prices are up 14%, gross margins have improved by 220bps and gross profits have also ticked higher, Macroeconomic woes – notably in China – continue to weigh but with the Aston Martin share price adding as much as 6% in early trade, are shareholders now be seeing some light at the end of the tunnel?
Headlines we expect on Thursday
PPHE Trading Update
This time last year Revenue £141m, RevPAR £136.7, Average room rate £176.4
Shell Trading Update
This time last year Adjusted earnings $6.2bn, Dividend $0.331
