The FTSE 100
But regardless of the overall gloom, some individual companies are doing nicely. Here are three whose shares prices are on the up today.
Optos is up 9% to 180 pence today on the release of preliminary results. Revenue at the retinal-imaging specialist rose by 37% to $196.4 million for the year ending Sept. 30, and pre-tax profit gained 6% to $23.4 million. Bottom-line earnings per share did fall by 25% to 23.9 cents, but that was partly a reflection of Optos paying tax on net profit for the first time.
These are early days for the Dunfermline-based firm, which plans to expand its product range with the release of its next-generation desktop retinal-imaging device, known as Daytona. On a forward price-to-earning ratio of 10 based on current forecasts, Optos could be worth closer investigation.
Trinity Mirror put on a further 2.8% to 81.5 pence on news of an acquisition. The news company has agreed to take a 20% stake in Local World Limited, a firm set up to operate a number of regional publishing outlets. Trinity Mirror will pay 14.2 million pounds for its stake, which is expected to add to profit in the first full year of the deal.
The Trinity Mirror share price has now more than tripled from its year-low of 24 pence, though even after that the shares are still on a forward P/E of only three.
An interim update from JD Sports Fashion was the spur for a modest 2.2% rise to 725.5 pence today. Like-for-like sales for the 16-week period to Nov. 17 are up 1.5%, and the firm is looking forward to the rollout of its new JD Pro brand, provided its pilot store in London proves successful.
Full-year performance is heavily dependent on the Christmas trading period, but JD tells us that so far, things are in line with expectations. That suggests a modest fall in earnings in what has been a pretty tough year, but with a likely dividend yield of about 4%.
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