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”.
SP Angel morning look at commodities and miners, featuring: Anglo Asian Mining (AAZ LN) BUY – 96p (from 108p) – Earnings update Glencore (GLEN LN) – Glencore claim record EBITDA on strong copper mine performance Landore Resources (LND LN) – BAM Gold Preliminary Economic Assessment Pan African Resources (PAF LN) – Earnings climb as operations refocus on profitable ounces Transense Technologies plc (TRT LN) – 2nd mining contract announced this week for mining heavy truck tracking & tyre pressure monitoring
In a conference call to investors and analysts, Motif Bio confirmed that the FDA had no questions over the clinical efficacy of Iclaprim. However the FDA stated it needs additional data to further evaluate the risk for liver toxicity before the NDA approval.
Five financial stories, trending today in a 70 second podcast, including: The number of people in work in the UK has continued to climb, with a record 32.6 million employed between October and December The jobless rate, remaining at 4%, is at its lowest since early 1975.
On today's podcast: Xpediator discuss their trading update which saw a 54% increase in evenues to approximately £179 million. TMT Investments #TMT discusses their strategy which is to invest in high-growth, internet-based companies. Alan Green covers The AA, Europa Oil & Gas & RA International.
SP Angel morning look at commodities and miners, featuring: Asiamet Resources (ARS LN) – BKM resource drilling ARC Minerals* (ARCM LN) – £2.2m funding BHP Billiton (BHP LN) - H1 results Patagonia Gold (PGD LN) – Closure of Lomada de Leiva and Cap Oeste Strategic Minerals* (SML LN) – Exercise of options Talga Resources* (TLG AU) – Further gains from Talga high energy battery anode product