“The FTSE100 slipped from its record high in early trading with rises among house builders Barratt, Taylor Wimpey and Persimmon more than offset by a plunge in retail giant Next’s shares which also dragged Marks & Spencer lower,” says AJ Bell Investment Director Russ Mould.
“Next’s shares tumbled in early trading after poor Christmas figures which have also cast a pall over the sector. Next is warning its full year results will be at the lower end of forecasts and that prices will rise by up to 5% due to the fall in sterling. A major concern for Next and its peers, though, is that shoppers faced with a tighter budget are choosing to spend less on fashion and more on eating out and having the latest technology. Next’s shares were down by more than 11.1%.
“Temporary power provider Aggreko has clinched a $40m contract to supply electricity for the Winter Olympics in Korea in 2018. Aggreko has a proven track record in supporting high profile events and recently won a contract to provide the power for the 2018 Commonwealth Games on Australia’s Gold Coast.
“Cambria Automobiles’ shares were up in early trading following a bullish update ahead of its annual general meeting. Cambria’s trading performance in the first three months of its current financial year has been ahead of last time. The group saw some pressure on new car margins in October and on new car volumes in November but used car sales continued to perform well and were up by 3.6%. Cambria’s shares were up by over 2.4%.”
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