Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
After John Lewis’ dismal 99% profit fall yesterday, Co-operative Group brought some cheer for mutual groups with its results today.
The UK’s largest mutual group said pretax profits had risen a massive 86% from £14m to £26m in the first six months of the year.
Revenue also increased by 10% as sales at its food business grew by 4.4%.
Yesterday John Lewis, which also owns Waitrose, posted a profit drop from £83m to £1.2m for the six months to 28th July.
Steve Murrells, chief executive of The Co-op said: "We're moving forward at pace with our stronger Co-op, stronger communities plan.
”We know that in order to make a difference we have to be commercially successful and our performance in the first half shows that we're delivering on that ambition. Our investment in products, price and distribution channels has seen us grow revenue, profit and member value in the first six months."
Pub group JD Wetherspoons posted a strong 5% increase in like-for-like sales in its preliminary results.
Profit before tax for the group, which opened its first pub in 1979, also increased by 4.3% from £102.8m to 107.2m.
Commenting on the results, Tim Martin, the Chairman of J D Wetherspoon plc, said:
"There will be a huge gain for business and consumers if the UK copies the free trade approach of countries like Singapore, Switzerland, New Zealand,Australia, Canada and Israel, by slashing protectionist EU import taxes ('tariffs'), on leaving the EU in March next year.
"These invisible tariffs are charged on over 12,000 non-EU products, including rice, oranges, coffee, wine and children's clothes. The proceeds are collected by the UK taxman and sent to Brussels.”
Ross McEwan has been accused of deliberately misleading MPs to avoid disclosing a police investigation into an alleged bribery scandal at the bank’s restructuring unit.
The Treasury Select Committee said Ross McEwan had withheld “information of relevance and interest to the committee” when he appeared before MPs in January.
In a letter publishing yesterday, chair of the committee Nicky Morgan said that his response “fits with a pattern of defensiveness that has served RBS extremely poorly in its handling of the GRG affair”.
On today's podcast: Live Company Group discuss progress including their new BRICKLIVE Show in Geneva. Bigblu Broadband cover the highlights from their final results released today. Rockfire Resources talks about the high grade copper from their Copper Dome Project in Central Queensland. Botswana Diamonds discuss their interim highlights.
Louis Coetzee, Chief Executive Officer of Kibo Energy (KIBO), addressed shareholders in a letter detailing progress the AIM listed energy company has been making in Sub-Saharan Africa and the UK. “Africa represents a rapidly growing market economy with an acute power deficit”
SP Angel daily look at commodities and miners, featuring: Bushveld Minerals (BMN LN) – Drill results at Brits vanadium project Chaarat Gold* (CGH LN) – Kapan site visit notes: focus on productivity to deliver sustainable cash generation MOD Resources (MOD LN) - Infill drilling at T3 project delivers increased reserves
Oil and gas investment company, Reabold Resources (RBD) shared with investors today that Rathlin Energy, operator of the PEDL 183 license onshore UK, has signed a rig contract for the drilling of the West Newton appraisal well. The well is expected to spud in April 2019.
Five financial stories, trending today in a 70 second podcast, including: Optimism about the business outlook, among Britain’s financial services firms, has fallen at its fastest rate since the 2008 financial crisis, amid concerns about Britain’s exit from the European Union.