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“The FTSE 100 was down in early trading, extending its three-day losing streak,” says AJ Bell Investment Director Russ Mould.
“Property services group Countrywide’s shares tumbled after it warned that full year income and earnings would be down on last time. The group’s performance has been hit by a slump in its sales and lettings business with total income down by 14% after a disappointing fourth quarter. Income in the UK business is down by 17% with London 10% lower than a year ago. Countrywide’s shares were down by more than 17.4%.
“Whitbread was an early riser despite its Premier Inn hotels and Costa cafes struggling amid tougher market conditions. Costa’s UK sales are being hit by weakness in the High Street general as shoppers tighten their belts but internationally, Costa in China continues its good momentum with further like-for-like sales growth. Whitbread's shares were up by over 1.9%.
“Halfords edged higher after revenues rose in the 15 weeks to 12 January following record Black Friday and Christmas sales. This was a solid performance given the difficult UK retail environment. The group’s shares were up by 0.23%.”
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