The German-headquartered tour operator TUI published Q1 results this morning which received a warm reception – at least in the short term. Early gains for the stock were as much as 5% after management noted record revenues for what is traditionally a challenging period for the travel market. The outlook is optimistic too with revenue expected to add a further 10% in FY24 and recession fears being sidelined. By mid-morning the stock had however eased back a little, sitting some 3% higher.
News that the Canadian regulator had awarded Cornerstone Financial with a Money Services Business license offered the stock a boost at the start of today’s trade. The move allows Cornerstone to provide payment services to Canadian businesses and individuals, helping grow the company’s geographic footprint. Early gains for the stock were in excess of 10%, although a little of that had been given back by mid-morning.
We noted yesterday that Artemis had published an exploration update and whilst this received a positive reception, it’s worth noting that trading on the company’s Australia listing had been suspended since the end of last week pending those assay results. The resumption of trade in Australia seems to have resulted in some arbitraging, driving the London price lower as a result, reversing all of yesterday’s gains. By 10.30am the stock was almost 40% lower.
Headlines we expect tomorrow:
Coca
Cola HBC full year results
Last year: total revenue €9198.4m, EBIT margin 7.7%, net profit €415.4m
Dunelm
Group interim results
Last
year: total sales £835m, gross margin 51.1%, pre tax profit £117.4m
