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“Blue-chips made a positive start to the week despite ongoing political issues in the UK and mixed trading on markets in Asia this morning,” says AJ Bell Investment Director Russ Mould.
“Fishing Republic’s shares plummeted after it warned it faced a full-year loss. The group has seen a dramatic change in its fortunes in the past few months as major competitors and independent stores aggressively sought to maintain their market share at the end of the fishing season. Like-or-like sales, which had been up by 16% in the first nine months, fell by 13% in October. Fishing Republic’s shares were down by more than 43.4%.
“Taylor Wimpey remains on track to meet its forecasts as demand for new homes remains high across the UK. Market conditions remain favourable despite the recent small increase in the base rate. Taylor Wimpey expects to deliver an increase in its annual operating profit margin of over 30%, compared to 20.8% last year, and will pay total dividends in the 2018 financial year of around £500m with further material capital returns in 2019 and beyond. The group’s shares were down by just over 0.5% in early trading.
“Bookmaker Ladbrokes Coral’s shares were down in early trading. The group’s net revenues improved in the four months to 29 October as strong online trading offset a dip in retail sales. But the Government’s consultation on options for cutting the maximum stakes on gambling machines continues to weigh on sentiment. The group’s shares were down by more than 0.9%.”
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