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“The FTSE100 edged into positive territory in early trading although jitters remain over US President Donald Trump's controversial travel ban and the possible effects of a hard Brexit on the UK economy. Traders will be looking to UK mortgage approvals, net lending, consumer confidence and money supply data out mid-morning, while in the EU it is inflation, unemployment and GDP data that will occupy attentions” says AJ Bell Investment Director Russ Mould.
“Online supermarket Ocado’s shares led the FTSE250 in early trading as full-year profits rose against a challenging retail environment. Ocado has increased its active customer base by almost 14%, and delivered double-digit sales growth throughout the year which was consistently ahead of both the UK online grocery segment and the grocery market as a whole. The pressure on margins, though, has increased due to input cost inflation, largely fuelled by labour cost rises, and the impact of currency devaluation following the EU referendum. Ocado’s shares were up by more than 7% in early trading.
“Soft drinks group Britvic has made a strong start to the year with first quarter revenue up 4.3%. The group has seen growth in all its key markets and is confident its marketing and innovation plans combined with disciplined revenue management and cost saving initiatives will keep it on track to meet full-year forecasts. Britvic’s shares were up by 3.1%.
“SSE remains on target to achieve a return to full year growth and declare a dividend that at least keeps pace with RPI inflation. SSE also remains on target to deliver adjusted earnings per share of at least 120p despite a changing and challenging energy sector.”
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