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“Blue-chips opened in negative territory with the Bank of England's midday policy meeting at the centre of the market's attention, although no change in interest rates or QE seems likely,” says AJ Bell Investment Director Russ Mould.
“Furniture group DFS was sitting uncomfortably at the foot of the FTSE All-Share Index after warning that full-year earnings would fall short of market forecasts. The squeeze on consumer spending is having a far greater effect on trading than the group anticipated at the half-year stage and it has seen a significant drop in store footfall and a material reduction in orders. DFS, though, has maintained its investment in the business and believes its scale will help it outperform the market over the longer term. DFS’s shares were down by more than 22.2% in early trading.
“Majestic Wine’s shares edged up in early trading despite reporting a full-year pre-tax loss of £1.5m, compared with a profit of £4.7m last time. Investors will be relieved that the group has now come through the most cost-intensive phase of its transformation plan and that it remains confident about the medium term outlook despite tough economic conditions. Majestic Wine’s shares were up by over 0.4%.
“Sky and Virgin Media have announced a strategic partnership that will enable businesses both big and small to benefit further from advanced TV advertising across both companies’ platforms. Advertisers will be able to target a potential audience over time of more than 30million viewers, putting it on par with leading social networks.”
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