Spreadex Market Update
FTSE eyes 6200 once again as Marks & Spencer reveal first update of the Steve Rowe-era
Once again the best performing of the European indices the FTSE started the day nearly half a percent higher, pushing it to the upper echelons of its 6100 to 6200 trading bracket. Whether today will provide the index with any impetus to climb past its weeks-long resistance level is unclear. For the moment, however, the FTSE is receiving help from a few different places, including a pharma-sector that is still basking in the post-failure glow of the now-abandoned Pfizer/Allergan merger. Perhaps most importantly, the fact that Brent Crude is testing $40 per barrel following its start of the week wobble has allowed the UK oil stocks to start the day in good health. Even the mining stocks have joined in with the gains, despite copper circling fresh one month lows.
With the economic calendar looking a bit threadbare Marks & Spencer stepped in the spotlight this Thursday, revealing its first statement of the Steve Rowe-era. Investors showed a willingness to cut the new CEO, who only took over at the start of the month, some slack, the stock rising around 0.5-1% as Rowe blasted the company’s 2.7% drop in clothing sales as ‘unsatisfactory’. Just as worryingly food sales, Marks & Spencer’s perpetual silver lining, unperformed analysts’ forecasts, coming in flat for the 13 weeks to March against the 0.3% growth expected. Yet, as mentioned, investors reacted to this news relatively well, seemingly buoyed by the Bolland-less nature of the company’s latest update and the (very) slight signs of a turnaround in the clothing division (that 2.7% fall less than half of the decline seen last quarter).
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