MARKET UPDATE

Now that I have rubbed the dispiriting M&S results out of my system, let’s return to today’s ‘bread and butter!’ I have to say that I am at a loss as to why the FTSE 100 leapt out of the traps this morning adding another 40 points before the first tranches of shares had hardly been crossed. And that wasn’t the end of it; as at about 2.30pm the FTSE was up 73 points at its zenith.  Yes, I know the Street of Dreams had a great day yesterday, based on very little apart from some new Home sales and a strong Dollar. But against the current economic and political background there was no case for a further upbeat consolidation.  I know the ‘REMAIN’ boys believe they are ‘home and hosed’ but there are ‘2 certs in life – rent day & death!’ I am ever the optimist. However presupposing a ‘REMAIN’ victory, and I don’t accept it, I suspect the margin will be sufficiently small for agitation to prevail.  Not from me, as I am a believer in the Democratic process.

 

Volumes were not great but there were some very positive players around, willing to hang on to every soothsayer’s promise. Banks were again in the vanguard – up between 2% and 5% (RBS).  Oils were also firm. The following posted results or trading statements – Dixons Carphone unchanged, DMGT +0.6%, Zoopla had an absolute ‘stormer’ – +7.8%, Intertek down 5%, waiting to drop in to the FTSE 250.  Babcock International was up 0.75%, Pennon was 2% to the good and Shaftesbury was down 0.5%. Hilton Foods, after a great run on the rails was unchanged. The FTSE 100 closed up 45 points at 6265.

 

At 4.35pm the DOW was up 165 points and beautiful downtown Manhattan looked not only very picturesque but also on good terms with itself.

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