Spreadex Market Update
FTSE struggles to maintain momentum; Burberry, Barratt and Wetherspoons all update
The FTSE once again opened just below 6700, the UK index having struggled to break through that latest level throughout Tuesday’s trading; the pound, on the other hand, held onto yesterday’s growth, now hovering just above $1.325 against the dollar and €1.20 against the euro. The Eurozone indices followed a similar pattern, with the DAX just below 10000 after opening flat, with the CAC the only real mover this morning, jumping 0.2% to approach 4350.
With little economic data investors instead turned to a series of UK earnings for excitement this morning. Burberry Group rose more than 2% after the bell, lifted by the fact that its 3% fall in like-for-like first quarter sales was slightly less than expected; the luxury retailer did warn, however, that market conditions remain challenging, especially in its wholesale division (which is forecast to see a 10% drop in half year revenue).
Barratt Developments, meanwhile, slipped back from yesterday’s highs following its latest update this Wednesday. The stock, which has suffered like the rest of the property sector since the referendum, still expects a 20% rise in pre-tax profit to £680 million; however, it seems that investors were leess than reassured by the company’s claim that it was ‘too early to draw any conclusions’ regarding the post-Brexit market, sending the stock over 2% lower as the day got underway.
The most unusual trading statement this morning came from Wetherspoons, with founder Tim Martin using the pub chain’s latest update to lambast a whole swath of anti-Brexit figures, including Christine Lagarde, George Osborne and Mark Carney, for their ‘irresponsible doom-mongering’. Beyond Martin’s rant Wetherspoons’ figures were fairly healthy, a 4% rise in like-for-like sales for the 11 weeks to July 10th causing the stock to climb to fresh 2016 highs of £7.70.
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