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“The FTSE 100 opened in positive territory despite a lacklustre performance in Asia while in the US the Dow closed 0.1% lower, the S&P 500 was little changed and the Nasdaq closed 0.07% higher,” says AJ Bell Investment Director Russ Mould.
“Greene King’s shares slumped after pub company like-for-like sales fell by 1.2% in the first 18 weeks of its financial year. This was much steeper than the 0.7% drop in the market as a whole. The drop in life-for-like sales excluding Fayre & Square, which is being rebranded, were down 0.9%. The group was up against tough comparatives as last year benefited from the Euro 2016 football championship and trading weakened as the weather worsened in July. More worryingly, though, are the ongoing challenges of weaker consumer confidence, increased costs and increasing competition. Greene King’s shares were down by more than 14.2% in early trading.
“Double-glazing group Safestyle UK’s shares plunged by more than 31.4% in early trading after it issued a profit warning. Order intake has slumped as consumers continue to rein back spending with industry figures showing that installations in June and July were 18% down on a year ago. Safestyle has continued to grow market share but full-year revenues are expected to be flat.
“E-commerce focused, direct-to-consumer sleep brand eve Sleep has signed a major retail partnership agreement with Karstadt, one of Germany's leading department store chains. This agreement is an important part of eve's multichannel marketing strategy to further grow brand awareness predominantly through online-led activity supported by the development of select retail partnerships in core and new markets. eve Sleep’s shares were up by over 1.2% in early trading.”
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