THE DAILY BRIEFING

BETTING FRENZY

Hedge funds are betting that commodity prices are on the up as they pile into everything from crude oil to live cattle.

Analysis by Saxo Bank shows bets on price rises now outweigh those on price falls by the most since June 2014. Bets on live cattle have reached a 25-month high amid strong demand for beef and concerns about supply. Other commodities in favour with hedge funds include feeder cattle, lean hogs, cotton, copper and palladium.

THUNDERING AHEAD

BP has expanded production at a platform in the Gulf of Mexico. The Thunder Horse South Expansion project is 11 months ahead of schedule and $150m under budget, BP said.

The oil giant is expected to boost production at the facility by an estimated 50,000 barrels of oil per day.

BP chief executive Bob Dudley said: ‘This demonstrates that the US Gulf of Mexico remains a key part of our global portfolio today and for many years to come.’

WINDOW DRESSING

Safestyle saw sales of its PVCu windows and doors climb 9.8pc in 2016 to £163.5m.

The firm said pre-tax profit was in line with expectations, despite slower growth in the second half of the year.

Safestyle said it had grown its market share after installing 62,989 frames in the year, some 4.7pc more than the previous 12 months.

Price increases helped offset costs of consumer finance, but broker N+1 Singer cut the stock to a ‘hold’ amid concerns of competition in the sector, and shares fell 3.5pc, or 11p, to 299.75p.

RESULTS BOOM

Deals with Nando’s and Reed have driven a strong year for digital communications company Gamma.

The AIM-listed company, which installs phone systems, broadband and mobiles, said full-year results would be ahead of market expectations.

HOTELS OPEN

Easy Hotel is powering ahead with plans to open eight hotels this year. The low-cost hotels company aims to open four owned venues and four franchised ones and said trading has so far been in line with expectations.

NEW HOSPITAL

Private healthcare company Spire has opened a £65m hospital in Manchester.

The state-of-the-art facility will have six operating theatres, 76 patient beds and 23 treatment rooms.

Located in the suburb of Didsbury, it will replace the previous hospital in Whalley Range.

BOUNCING BACK

Computacenter said it is on track to meet expectations after bouncing back from a difficult half-year performance. Sales in the year to December 31 at the IT consultancy firm rose 6pc, but stayed flat at constant currency, which eliminate the effects of exchange rate fluctuations.