UK stocks back on the front foot

09:10 12/07/2018
StockMarketWire.com - The FTSE 100 was in recovery mode after yesterday's trade war inspired sell-off, gaining 0.4% to 7,625.45.

ASOS said Thursday it expected full-year sales to come in at the lower end of expectations after reporting that revenues rose 22% in the four-month period against expectations for a 25% build.

Shares in the online fashion retailer fell 10% to £58.66.

The takeover saga at pay-TV firm Sky continues as US media conglomerate Comcast trumps a £14 per share offer from Rupert Murdoch's 21st Century Fox with its own £14.75 per share bid.

The transaction has been approved by the Sky Independent Committee and Comcast aims to complete the transaction by October. Its shares gained 1.8% to £15.22 as investors bet on a response from Fox.

Homeware retailer DFS warned earnings for the full-year would be below the prior year amid delays to made-to-order products from the Far East, and said 'hot weather' in the fourth quarter to date led to significantly lower than expected order intake. The stock fell 2.8% to 193p.

Home furnishings Dunelm said total like-for-like sales were broadly flat in the final quarter of the last financial year, rising just 0.1% as like-for-like store sales fell 4.6% amid weak footfall.

Profit before tax for the year is expected to come in at about £102m, that is below the £109.3m seen in the previous year, amid losses of £8.5m at the Worldstores businesses. The shares were down 0.7% to 481p

Computacenter said Thursday it expects full-year performance would be 'comfortably' ahead of previous expectations following a 'strong' start to the year.

The company said momentum had continued in the second quarter of the year within its supply chain business across all geographies, led by solid performance in Germany. Its shares advanced 6% to £14.56.

Discount retailer B&M said Thursday it had made a 'strong' start to the new financial year, but reported slower UK like-for-like growth in the fiscal first quarter.

For 1 April 2018 to 30 June 2018, sales revenue for the quarter increased by 21.4% to £796.3m, on a constant currency basis, from £656.3m the previous year. Its shares advanced 1% to 418.2p.

Premier Oil on Thursday left its outlook on full-year production and operating costs unchanged, after production fell in the first-half of the year, compared to the same period a year ago, amid asset sales and natural field decline.

Production averaged 76,100 barrels of oil equivalent per day (boepd) for the first six months of the year. Investors were unimpressed and marked the shares down 3.5% to 126.4p.

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