I dislike keep saying it, but the level of inertia in the London equity markets seems to know no bounds – Excruciatingly boring! – Mind blowing and dispiriting stuff. At 3.30pm the FTSE was up 40 points at 6377. Where the momentum came from the ‘good Lord’ only knows!’ Thanks to the machinations from the brain-dead’ anti-aircraft Turkish gunner, tensions have risen in Turkey and Syria whilst Putin considers his undersized navel in response to an act of totally irresponsible madness, which has sent oil prices north pro-tem, with the major oil companies in the UK seeing their values up by an average of 1%. Mining, despite the threat of lower mineral prices, have bounced out of the traps today – probably just a bear squeeze rally. Anglo American was down 7% yesterday – up 3% so far today. Most miners are up an average of 3%, apart from BHP Billiton which was the subject of a downgrade from JP Morgan – down 2.5%.
Ahead of Black Friday Tesco is flat as is M&S. Next is up 1%, Home Retail is up 1.9% and Dixon Carphone is up 2%. New York is closed; so Amazon, Walmart, Target, Abercrombie & Fitch, JC Penney and Nordstrom remain somnolent.
Of those companies posting numbers today Severn Trent was up just 0.5% having been up 2% just after the opening. PayPoint did not pass muster – -5%. Marston’s was enjoying a decent run on the rails – +3%. DMGT and RPC Group fought out the ‘Yellow Jersey’ – both up 4.5%, but lost out to SPP Group (makers of Upper Crust) – up 6%, despite having opened up down 2% in early skirmishes. Trading tomorrow until we know more about Black Friday and Thanksgiving is likely to be very tedious and without direction.