Proactive Investors - 7.29am: Shell adds another share buyback as profits fall less than expected
This morning's corporate results are dominated by Shell PLC (LSE:LON:SHEL, NYSE:SHEL), the second largest company in the FTSE 100, which has unveiled a smaller decline in third-quarter profits than expected and announced a new $3.5 billion share buyback.
The oil and gas supermajor reported quarterly adjusted profits of just over $6 billion, down 4% from the second quarter and compared to a year ago, but around 12% better than the average forecast.
Free cash flow of $10.8 billion was up around $650 on the previous quarter and $3 billion versus a year ago.
Shell paid $5.7 billion of shareholder distributions in the quarter, with $3.5 billion spent on the share buyback declared for the second quarter and $2.2 billion on dividends.
A dividend of $0.3440 per share was declared for the third quarter as well as the new share buyback, which is expected to be completed by the fourth quarter 2024 results announcement.
7.15am: FTSE to extend losses
FTSE 100 futures are pointing to another day on the back foot for London's blue-chip benchmark, as Rachel Reeves' Budget continues to be digested.
A fall of around 20 points is being called in pre-market trading, further subtracting from the 60 points lost yesterday that saw the index close at just under 8,160, the lowest since 9 August.
The bond market's mulling of Reeves' Budget continued, with gilts rising sharply afterwards before easing back a little and remaining there overnight.
Also overnight, US stocks slide lower, with the tech-heavy Nasdaq leading the way, down 0.6%, while the S&P 500 fell 0.3% and the Dow Jones dropping 0.2%.