The FTSE 100 (FTSEINDICES: ^FTSE) started off tentatively around last night’s close, briefly peeking above it, before cautious comments from the Bank of England sent it down 64 points to 6,540 by the time of writing. Although the bank is keeping interest rates low until unemployment falls, it spooked investors by opining that the economic recovery is still week.
We have a select few companies in the FTSE indices making gains today. Here are three that are rising after good news:
Old Mutual
Insurer Old Mutual released interim results this morning, and saw its share price put on 9.8p (5.1%) to 202p. The firm saw net cash inflow of £9.1bn, against £3.5bn in the first half last year, with funds under management up 9% to £289.3bn. That led to an adjusted operating profit jump of 14% to £801m, with earnings per share up 22% to 9.3p, enabling a 20% boost to the firm’s interim dividend to 2.1p per share.
A similar 20% rise in the final dividend would add up to 8.4p per share, for a yield of 4.2%. The shares are now up nearly 20% over the past 12 months, though they have been higher.
Ferrexpo
Interim results from Ferrexpo (LSE: FXPO) sent the iron ore pellet producer’s shares up 8.1p (5%) to 172p. Sales were up 19% to 5.32 million tonnes, driving revenue up 6% to $775m and EBITDA up 1% to $244m. Pre-tax profit did fall, by 12% to $150m, but production is expected to increase in the second half thanks to the opening of a new mine at Ferrexpo Yeristovo Mining.
Today’s boost provides a little respite for the share price, which is down around 12% over the past 12 months. The shares are on a forward P/E of only 5.6 based on forecasts, with a 3% dividend yield predicted.
Grainger
Shares in Grainger (LSE: GRI) got a modest boost this morning, up 1.7p (1%) to 184.5p, but they have just about doubled in price over the past year. Today’s stimulus came in the form of an interim statement telling us that the firm has reached its debt reduction target sooner than expected. As of 6 August, the property manager’s net debt stood at approximately £985m, below its £1bn target “well ahead of schedule“.
Operational performance is said to be strong too, with rents in line with expectations and fees increased to £9.9m, from £7.8m at 31 July 2012.
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> Alan does not own any shares mentioned in this article.
