Spreadex Market Update
Sports Direct surges as it promises to address ‘serious shortcomings’ revealed in report
Revealing how low the bar had been set for good news from the company Sports Direct jumped more than 5.5% this Tuesday, hitting its highest level since the Brexit referendum in the process, just by pledging to address the ‘serious shortcomings’ revealed by the recent investigation. This includes the end of zero contract hours (sort of), as well as some more basic rule changes that really should have been in place already. Whether or not this improves Mike Ashley and chairman Keith Hellawell’s standing with shareholders ahead of tomorrow’s AGM is unclear, with Hellawell especially still facing a wave of opposition to his reappointment.
Sports Direct’s rise wasn’t enough to lift the FTSE, which fell nearly half a percent as the morning went on. This drop appears to be due to the sustained gains made by the pound, with sterling up by 0.3% and 0.1% against the dollar and euro respectively.
Looking ahead to the US open and the Dow Jones futures are pretty flat, the index floating around the 18500 mark. That could change this afternoon as the ISM services PMI is released; while manufacturing was a huge disappointment last week, the services figure is only set to see a mild decline from 55.5 to 55.4 month-on-month.
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