Morrison Supermarkets under pressure after 1H results
Wm Morrison Supermarkets, a chain of supermarkets, reported 1H operating profit before exceptionals down 20.2% to £201m
Share this:
Wm Morrison Supermarkets, a chain of supermarkets, reported 1H operating profit before exceptionals down 20.2% to £201m (2019/20: £252m), with margin down 55 basis points (bps) to 2.3%. Group LFL excluding fuel was up 8.7%, comprising a retail contribution of 7.9% and wholesale contribution of 0.8%. Total revenue was £8.73bn, down 1.1% year on year. Total revenue growth excluding fuel was up 8.8%. The interim ordinary dividend is up 5.7% to 2.04p (2019/20 1.93p).
From a chartist point of view, the stock price escaped from a bearish channel in place since August 2018 and is nearing the 20WMA (ST pullback). A key support base has formed at 157p. In addition, a rounding bottom pattern is taking shape. A continuation of the short term consolidation move cannot be ruled out towards 177p. As long as 157p is support, a rebound is likely. A break above 210p would open a path to see 227 (Fibonacci projection). Alternatively, a break below 157p would call for a reversal downtrend.
Source: GAIN Capital, TradingView
Wm Morrison Supermarkets, a chain of supermarkets, reported 1H operating profit before exceptionals down 20.2% to £201m (2019/20: £252m), with margin down 55 basis points (bps) to 2.3%. Group LFL excluding fuel was up 8.7%, comprising a retail contribution of 7.9% and wholesale contribution of 0.8%. Total revenue was £8.73bn, down 1.1% year on year. Total revenue growth excluding fuel was up 8.8%. The interim ordinary dividend is up 5.7% to 2.04p (2019/20 1.93p).
From a chartist point of view, the stock price escaped from a bearish channel in place since August 2018 and is nearing the 20WMA (ST pullback). A key support base has formed at 157p. In addition, a rounding bottom pattern is taking shape. A continuation of the short term consolidation move cannot be ruled out towards 177p. As long as 157p is support, a rebound is likely. A break above 210p would open a path to see 227 (Fibonacci projection). Alternatively, a break below 157p would call for a reversal downtrend.
Source: GAIN Capital, TradingView
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
S&P 500, Nasdaq, Dow Forecast: Rising Yields Test Rally Ahead of Nvidia, Fed 8 22 2026
S&P 500, Nasdaq and Dow test key technical levels as momentum fades, raising the risk of a deeper correction heading into a pivotal week.
Magnificent Seven Earnings Preview: Can Big Tech Reclaim AI Leadership?
The Magnificent Seven enter earnings with far more divided performance than in previous years, as investors increasingly distinguish between companies supplying the AI buildout and those funding it - what does that mean heading into earnings season?
USD/JPY unwind accelerates as GPIF headlines spark yen buying
Japanese assets are rallying after the government floated the prospect of the GPIF investing more heavily at home. While the proposal could have significant implications for global capital flows, it does not yet change the broader forces driving Japanese bond yields and USD/JPY.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.