The Market Close - Volkswagen posts record earnings for 2017 - Collins Sarri Statham Investments

Today's Closing Update

U.S.Stocks remain mostly positive, the major averages have all climbed into positive territory after ending the previous session on opposite sides of the unchanged line.

European shares steadied as investors digested a flurry of company results, including disappointing updates from Royal Bank of Scotland and Valeo,

Metro Bank said that it has agreed to buy a portfolio of UK mortgages from CERH RSMC Sub BV and Capital Home Loans Ltd for £523.0m. The bank said that it expects to complete the deal on March 1. All lending in the portfolio is secured by property, predominately in London and the South East of the UK, representing 49% of the portfolio, with the remainder spread across the UK. The portfolio has a similar credit risk profile to Metro Bank’s current mortgage book.

BT must make it easier for rival internet providers to use its telegraph poles, telecoms regulator Ofcom says. Ofcom has published a list of new measures to make it cheaper for companies to install ultrafast full fibre broadband infrastructure. Connecting homes directly to the fibre network delivers much faster internet speeds than copper cables. Rivals Talk Talk and Hyperoptic welcomed the announcement. BT said it was “considering the implications”.

Royal Dutch Shell plans to shut the gasoline-producing unit at its 227,586 barrel-per-day Convent, Louisiana, refinery for a planned overhaul, said sources familiar with plant operations.

Volkswagen said full-year profit nearly doubled last year, helped by record sales of luxury Audi and Porsche models and cost cuts at its VW mass-market brand. Europe’s largest automotive group said it expects a return on sales for 2018 of between 6.5 and 7.5 percent before special items, after reaching 7.4 percent last year, and revenue to exceed 2017 levels by as much as 5 percent.

Melrose Industries said that it has sent its 2017 financial results, which were announced Tuesday, to GKN PLC’s shareholders, in accordance with the City Code, as it continues to try to convince shareholders of the value of its takeover bid. Melrose reported strong underlying revenue and profit growth for 2017 on Tuesday, buoyed by a strong performance from recent US acquisition Nortek, whilst statutory results were affected by ongoing difficulties at Brush.

Crest Nicholson said that its development agreement with Waverley Borough Council to deliver the £115m Brightwells regeneration of Farnham Town Centre is now unconditional. It said the development – which comprises a new £40m retail and leisure hub, anchored by Marks and Spencer and Reel Cinemas, with 239 new apartments clustered around a new town square – will “transform and revitalise” a much under-utilised part of the historic town of Farnham.

Oil Prices edged further above $66 a barrel supported by a dip in Libyan production and upbeat comments from Saudi Arabia that an OPEC-led effort to erode stockpiles through output curbs is working.

Gold Prices slipped on a stronger dollar and the yellow metal was on track for its sharpest weekly drop in 2-1/2 months.

Market Close

Market	Index	Change	% Change
UK 100	7,244.4	-8.0	-0.1%
UK 250	19,801.1	+65.0	+0.3%
GER 30	12,483.8	+21.9	+0.2%
FRA 40	5,317.4	+8.1	+0.2%
U.S. 30	25,134.95	+172.47	+0.7%
U.S. 500	2,725.3	+21.4	+0.8%
OIL (BRENT)	66.99	+0.60	+0.9%
GOLD	1,328.09	-3.96	-0.3%

UK Risers & Fallers

Company	Price	Change	% Change
BT Group	244.05	+11.7	+5.0%
United Utilities	686.8	+22.8	+3.4%
Nostrum Oil & Gas	296.75	+23	+8.5%
International Consolidated Airlines Group	587.2	-35.4	-5.7%
Royal Bank of Scotland	268.4	-13.6	-4.8%
SIG	143.25	-6.9	-4.6%