MARKET UPDATE – CENTRICA SHAREHOLDERS VENT THEIR SPLEENS

The sun may now be high on the yardarm and our bones may be creaking less as the duvet is hurled off the bed at 5.00am in the morning.  However I wish investors could show a little more enthusiasm on the daily issues at hand than they currently are!  Don’t give me BREXIT!  An ‘out’ vote may kindle some uncertainty but so does staying in, with the EU at the crossroads and less than likely to exist in a decade.

 

So as I put pen to paper at 1.20am the FTSE is down 5 points at 6105, having been up 40 points in early skirmishes, with mining and oil bobbing either side of par! Banks were up a marginal 0.25% with drugs down 0.5%.

 

Of those companies that reported today, this is how they fared as we head for the mid-day trough! – Rolls Royce – sadly CEO Warren East’s comments on profits being halved for the year was not well received – down 4.5%. BT – CEO Gavin Patterson has all the confidence and charm without the Michael O’Leary arrogance!  The punters loved his tale – broadband and BT Sports expansion – and dismissed the increased debt and the pension black hole almost with contempt – shares up 3%. Smith & Nephew – after all that M&A chat with likes of Zimmer a year or so ago – seems to be in the doldrums – down 2%. Centrica – now CEO Ian Conn did not please his acolytes with a side-winder missile in the form of an £800 million right issue for acquisition plans – down 9.6%.  Conversely Trinity Mirror, having closed down its paper – The New Day – what happened shares rose 7%! Sage posted improved conditions, but investors reserved judgement – down 2.5%. Inmarsat seem to be stuck in  a vortex of indifference – down 5.5% and finally Wm Morrison posted an increase in like for like sales excluding fuel of 0.7% for the last 13 weeks to 1st May 2016. Punters gave Dave Potts a pat on the back – +1.75%.

 

The DOW futures are up 45 points.

 

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