The FTSE-100 listed advertising giant published Q3 numbers this morning which clearly met with the market’s approval. Despite highlighting that Q4 would be challenging as the business worked against tough comparatives and a still shaky macroeconomic backdrop, news of some high profile client wins and the modest uptick in quarterly growth gave optimism. By 9am the WPP share price was trading just over 4% higher.
Also with Q3 numbers out today was Reckitt Benckiser, the consumer goods giant. The market had arguably been bracing itself for some difficult news here after a tornado hit a major distribution facility of the company’s at the end of Q2 but the impact – to its nutrition vertical – was less than had been expected. Group sales were down just 0.5% for the quarter on a like for like basis, the full year performance remains on track and this seems to have offered some encouragement. In early trade, the Reckitt Benckiser share price was up around 3.5%.
Rounding off with another blue chip stock and Lloyds Banking Group published its third quarter interim management statement this morning, too. Profits came in ahead of expectations and interest income held up well during the quarter, too, although the year to date picture was less robust. Improving consumer confidence is also seen as helping whilst impairments were meaningfully lower than they were a year ago. The Lloyds Bank share price was up around 2% in the first hour of trade.
Headlines we expect on Thursday
Unilever Trading Update
This time last year Q3 Turnover €15.2bn, sales growth +5.2%
London Stock Exchange Group Trading Update
This time last year Q3 Gross profit £1.77bn
