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Tuesday Update

DB Live: US markets rally; Primark; Weir; whisky; Omega

Traders on Wall St (pic: NYSE)

10pm: US markets rally

Wall Street closed the session on a high as traders look ahead to some clarity after the elections.

The Dow Jones Industrial Average soared 552 points, or 2.1%, the index’s biggest one-day gain since July, though it’s still down about 3.5% this year.

The S&P 500 was 1.8% higher and the tech-heavy Nasdaq–which led last week’s sell-off – climbed 1.9%. The two indexes are up 4% and 23% respectively for the year.

4.30pm: Markets higher

The FTSE 100 took its lead from a rising Wall Street and ended the session sharply higher, up 131.8 points (2.33%) at 5,786.77.

Wall Street stocks opened sharply higher on Tuesday as the polls opened for the US general election.

In mid-afternoon GMT time trading, the Dow Jones Industrial Average was up 2.31%, while the S&P 500 was 2.11% firmer and the Nasdaq Composite 2% stronger..

11.45am: SNIB directors announced

Eight non-executive directors with backgrounds in private equity, banking and technology have been appointed to the board of the Scottish National Investment Bank.

Full story here

10am: Furniture firm goes employee-owned

Edinburgh-based contemporary furniture and interior design company Tangram Furnishers is switching to employee ownership.

The company works with designers and architects and was founded in the early 1990s.  Julian Darwell-Stone joined the firm in 1998, becoming sole owner and managing director in 2003. He has worked with Cooperative Development Scotland on the move to an employee-owned company.

8am: Equities rally

The FTSE 100 built on yesterday’s rebound, climbing nearly 80 points (1.41%) to 5,734.50. Equities rallied around the world, buoyed by strong factory output figures from major economies ahead of the US Presidential election.

Primark

7am: Primark owner suffers profit slump

Clothing chain Primark moved from profit to loss in a few days after it was required to close all its stores in Europe and the US in just 12 days in March, said chairman Michael McLintock.

Full-year profits at parent group Associated British Foods fell by 40% as the store closures at Primark offset better performances at its sugar and food ingredients businesses.

Pre-tax profits came in at £810m compared with £1.2bn a year ago on a 12% fall in revenue of £13.9bn. No dividend was declared.

Weir orders lower

Weir Group third quarter orders were 11% lower on an underlying basis. It remains on track to deliver its previously announced 2020 cost saving programme.  Full year guidance remains withdrawn due to ongoing Covid-19 uncertainty.

The Glasgow-headquartered company said it was on track toward transitioning into a mining technology business following the $405m sale of the Oil & Gas division.

Pride of Scotland deal boost for STV

STV, Reach and TSB have agreed a deal which sees the broadcaster commission STV Studios to produce the inaugural Daily Record Pride of Scotland Awards, in partnership with TSB.

The 90-minute landmark TV event is already in production and is set to air on STV later in the year. The deal represents the broadcaster’s biggest ever advertiser-funded single programme.

Omega food test approved

Omega, the Scottish medical diagnostics company, said its food detectie test for self-use has been approved by the China Food and Drug Administration.

Colin King, CEO of Omega commented said Chinese approval was a key commercial objective for this year.

“This is another excellent reward for all the hard work put in by both our and our partner’s teams in what has remained challenging times around the world.” 

Whisky brand

Gordon & MacPhail has announced that the distillery being built in the Cairngorms National Park will be named The Cairn, reflecting its location overlooking the mountains.

The family owned whisky firm was granted planning permission for the new distillery last year and work started on site in July this year.

Russell Group plans for Ravenscraig

Logistics firm Russell Group plans 200 jobs at a £200m headquarters development on the site of the former Ravenscraig steelworks in North Lanarkshire.

Full story here

Today’s agenda

* US presidential election: how will the markets react?

* Rail: The line between Aberdeen and Dundee reopens following the accident earlier this year

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