Shell (SHEL.L)

Shell has warned that trading from its gas division is set to be “significantly lower” for the past three months compared with the previous quarter.

Oil and gas production will also be down compared with the first three months of the year due to field maintenance, while the company’s chemicals business is expected to post a loss, Shell told shareholders in an update ahead of its full results later this month.

Nevertheless, it stressed that the performance from the gas operation would be in line with trading from the second quarter of 2022 and 2021.

It came as the company also reported $3bn (£2.4bn) of writedowns for the second quarter of this year, largely due to a 1% increase in the discount rate used for impairment testing.

The update comes three weeks before the oil major will reveal its full performance and profitability for the quarter.

Russ Mould at AJ Bell pointed out second quarter results "are likely to be somewhat less impressive than they have been in recent quarters".

“How much the drop in earnings from its natural gas trading operation is a function of what Shell describes as ‘seasonality’ in the market, and how much it is just cyclical weakness linked to a softening economy is an open question," he said.

JD Sports (JD.L)

JD Sports Fashion will pay €500.1m (£427m) to buy out the minority investors in its Iberian business as it progresses with expansion plans.

The sportswear retail giant will buy the 49.98%of shares in Iberian Sports Retail Group (ISRG) currently held by Balaiko Firaja Invest and Sonae Holdings, giving it 100% ownership.

The cash deal will be funded from existing resources, JD said.

ISRG currently operates more than 460 stores across Europe including JD in Iberia, Sprinter in Spain, Sport Zone in Portugal and Aktiesport and Perry Sport in the Netherlands.

Gleeson (GLE.L)

House builder Gleeson has revealed it increased its prices as it suffered a 13% drop in the number of houses it sold in the year to the end of June.

The low-cost house builder completed on 1,723 homes, compared to 2,000 in the previous 12 months, with only 829 homes sold in this calendar year.

However, the average selling price of homes sold during the year increased by 11.3% to £186,200.

The London-listed firm said higher interest rates had affected demand but that it was hopeful about its future, having used the slower market to carry out a restructure that reduced its number of regional management teams.

The company said buyer demographics have changed markedly, with a contraction in first time buyers and popularity rising amongst the over 55. Some 20% of buyers were people over 55, up from 10% previously.

Coca Cola HBC (CCH.L)

Bottler Coca-Cola HBC AG, the bottling company for the soft drink giant, raised its 2023 profit expectation on Friday, aided by robust sales and price increases in the first half of the year.

The soft-drink bottler said performance in June, "one of our most significant months, was very good overall".

As a result, it expects to deliver strong organic earnings before interest and tax growth for 2023 of 9-12%, from prior guidance of the top end of a -3 to +3% range.

Its mid-term guidance from 2024 remains unchanged, it said, with an expected annual revenue growth of 6%-7%.

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