Spreadex Market Update
ITV and Taylor Wimpey lift FTSE ahead of first Q2 GDP reading
ITV rose just shy of 6% as it saw an 11% increase in revenue from external services to £1.5 billion and a 31% surge in revenue from its ITV Studios division to £651 million. More importantly its third quarter projections were better than expected, the company stated that ad revenue will only drop by 1% in Q3, far less than the 5% fall forecast.
One of the last housing sector stocks to report, and therefore with a bit more data to work with than its peers, Taylor Wimpey saw a 5% increase this morning as it claimed that the post-Brexit impact was yet to substantially hit demand. That was arguably the biggest take away from the company’s half year update, though a 12% rise in H1 pre-tax profits to £267 million won’t have hurt either.
Beyond this earnings excitement the FTSE’s main focus this Wednesday will be on its first glimpse at the second quarter GDP data. While the reading is somewhat irrelevant now that Britain has opted out of the EU, leaving October’s third quarter figure as the most vital piece of data in the coming months, it will still provide investors with a chance to see how the economy was fairing in the run-up to the referendum. Analysts are expecting 0.5% growth compared to the 0.4% in Q1, though given this is the preliminary reading there is plenty of room for surprise.
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