FTSE earnings to the fore
Fiona Cincotta May 12, 2020 5:07 AM
A mixed set of results and trading updates is lifting the FTSE on increasing signs that businesses and different regions are going back to some form of their previous lives.
A mixed set of results and trading updates is lifting the FTSE on increasing signs that businesses and different regions are going back to some form of their previous lives. A clear sign of that is that airlines are getting ready to take back to the skies. Ireland’s Ryanair, which has kept a skeleton schedule of 30 flights a day across Europe throughout the crisis, said Tuesday it will restart 40% of its flights from 1 July although new rules will mean that passengers will not be able to queue for the toilets but instead ask for their turn.
Vodafone is leading the FTSE gainers after it posted better than expected full-year profit numbers while Morrisons is also gaining ground following a Q1 trading update. The supermarket’s sales increased nearly 6% over the last three months although some of its outgoings rose too as it doubled its delivery capacity through cooperation with Amazon and Deliveroo.
Is there life coming back into retail stocks?
B&Q owner Kingfisher is also trading higher helped by a 2.7% increase in sales in the first week of May compared with a 74% fall in April. The company is getting ready to bring back some of its furloughed work force as it reopens stores in the UK and France.
Property developer Land Securities lost the most ground among all FTSE 100 stocks after it reported a pre-tax loss of $1 billion. Land Securities’ main exposure is to retail property and shopping centres like Bluewater. The group has been bleeding money while shops remained closed during the pandemic and because tenants have been defaulting on their rents.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.