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: BigDish discuss the new locations being rolled out as part of their expanded growth strategy. Motif Bio provides an operational update. IXICO talk about their growth as reflected in their interim results. Russ Mould covers Theresa May, the US China Trade dispute and S&U, Xaar & Standard Life Aberdeen.
SP Angel research note focusing on commodities and miners, featuring: Aura Energy* (AURA LN) – Appointment of SP Angel joint broker Strategic Minerals* (SML LN) – Over US$4m expected shortly from client at Cobre
Five financial stories, trending today in a 60 second podcast, including: Theresa May is expected to announce the date of her departure from Downing Street this morning, senior cabinet ministers have said. Sources say they expect the PM to give a timetable for her successor to be chosen, with 10th June likely to be the start of the official leadership race.
On today's podcast: Bidstack talks about the new member of the team & their second agreement with Codemasters. Rockfire Resources discuss the option they’ve exercised to acquire the Copper Dome Porphyry Copper Deposit in Queensland, Australia. Glen Goodman on crypto trading and Chris Bailey cover stock with news out.
SP Angel research note on commodities and miners, featuring: Atalaya Mining (ATYM LN) – Q1 2019 - Profit increases 61% Aura Energy (AURA LN) – Tiris uranium project DFS achieves first yellowcake production Bushveld Minerals* (BMN LN) – Results highlight rapid growth of business with Vametco with further upside to come from Vanchem Georgian Mining Corporation (GEO LN) – Placing and Subscription to Raise £380,000 Ormonde Mining* (ORM LN) – Moving from commissioning phase to ramp-up at Barruecopardo Phoenix Global Mining* (PGM LN) – Raising £700,000 to advance Empire mine SXEW Bankable Feasibility Study Talga Resources* (TLG AU) – PFS results support robust active anode production
CEO David Price said: “The Company's objective is to grow and expand the mineralisation at Copper Dome in conjunction with Copperhead (50km to the northeast) and to develop both porphyry projects simultaneously, with the aim of outlining very large tonnage copper resources."