Spreadex Market Update
Coeure comments lift Eurozone; FTSE awaits inflation data
Whilst this uncertainty had initially led to a tentative open for the UK index, QE news from the Eurozone sparked some life in the old girl, allowing the FTSE to get closer to 7000 than had originally looked likely before the inflation figure is released.
The hypertensive Eurozone indices, led by mother DAX, received a bit of good news this morning, with the ECB’s Benoit Coeure stating that the central bank will accelerate its quantitative easing plan, ‘moderately’ front-loading May and June in order to pre-empt any summer slump. Given how little it takes to get the DAX all excited, it’s hardly surprisingly that some fairly unequivocal good news would send it soaring as the German index posted around 200 points in gains with the rest of the region following suit. Of course, with inflation figures and ZEW economic sentiment data to come, the Eurozone could take one of its trademark downturns as the day continues; on the other hand, QE rumours saw it through the winter months, and could be enough for some rare smooth-sailing as Tuesday continues.
Vodafone fourth quarter organic sales revenue grew by a measly 0.1% after 10 consecutive declining quarters. However, it was too little, too late in regards to Vodafone’s full year organic sales revenue, which fell by 0.8% in its full year figure. The company did see a 10% rise in group revenue and a 9.4% increase in service revenue, and the return to growth in the fourth quarter is a step in the right direction and shows the very first fruits of Vodafone’s ‘Project Spring’ 4G labours; nevertheless, investors weren’t particularly impressed at the day’s open as it approached 2% in losses.
Elsewhere, Irish investment group DCC leapt nearly 13% after the bell on the news that it was purchasing petroleum gas company Butagaz SAS from Shell as rising pre-tax profits countered an oil-inspired 4% decline in group revenue. On the other side of the losses/gains divide, Moneysupermarket.com fell by around 7% as co-founder Simon Nixon sold around £60 million worth of shares, a move that reduces his stake in the company and limits his decision-making clout.
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