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Earnings: Vodafone jumps, Nestle sweetens, Renault in reverse

Credit: Reuters Studio
Published on July 26, 2019 - Duration: 01:43s

Earnings: Vodafone jumps, Nestle sweetens, Renault in reverse

Vodafone jumps nearly 8% on plans to fold mobile mast operations into a new company, and Nestle posts its fastest sales growth in three years.

But in a mixed set of earnings news on Friday, Renault cut revenue goals and Kering shares slumped on signs of a slowdown at Gucci.

David Pollard reports.

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Earnings: Vodafone jumps, Nestle sweetens, Renault in reverse

The FTSE in focus on Friday (July 26) - courtesy of Vodafone.

The telco outlining plans to separate its mobile mast infrastructure in ten European markets.

The possible result: a new company it could potentially list.

With nearly 62,000 sites, it would be the largest of its kind in Europe.

The news provided a boost: Vodafone up around eight per cent, helping the FTSE recover.

The index is now on course for a second consecutive month of gains.

An eight percent move for Kering too, only downwards.

Its shares in Paris - which have been at record highs after years of bumper growth - slumped on signs of a slowdown at its Gucci brand.

That sets Kering apart from rivals in the luxury sector: most have exceeded expectations this quarter.

Renault too disappointed French markets: the carmaker's net profit more than halved in H1.

Revenues hit by weakening demand - and by an earnings collapse at alliance partner Nissan.

Though there were tastier numbers from Nestle: strong demand in the U.S. and Brazil helped the food giant to its best growth in sales in three years.

They increased nearly four per cent in the last quarter - a rate the Swiss firm expects to maintain.

And there was better news for Bayer - if not for two plaintiffs in a Roundup cancer lawsuit against the German multinational.

They had been awarded 2 billion dollars in damages and compensation by a U.S. jury - that's been slashed to 87 million.

Bayer faces lawsuits by more than 13,000 U.S. plaintiffs who say Roundup weedkiller causes non-Hodgkin's lymphoma.

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