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“Blue-chips opened on the front foot with traders looking to the construction purchasing-managers' index this morning, and British Retail Consortium's shop price index tonight,” says AJ Bell Investment Director Russ Mould.
“Topps Tiles was one of the biggest FTSE All-Share fallers after a dip in first half like-for-like revenues. The group was hit by softer market conditions and strong comparatives when housing transactions surged ahead of Stamp Duty changes in April last year. The group will be keeping a tight rein on costs in a bid to meet full-year profit forecasts. The group’s shares were down by more than 3.1% in early trading.
“Online fashion group ASOS saw strong growth in sales in the six months to the end of February. International growth of 54% has been excellent, with its ‘rest of the world’ segment a stand out performer while the UK was solid, up 18% in a more promotional market. Mobile visits now account for around 70% of total traffic compared with 60% a year ago.
“Belvoir Lettings' revenues rose by 43% to £9.9m in the year to the end of December despite uncertainty in the sector due to Brexit and regulatory changes in the buy-to-let market. The group is now looking to take advantage of the opportunities anticipated from uncertainty caused by the proposed changes to tenant fees. Belvoir’s shares were down 0.5% in early trading.”
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