MARKET UPDATE

Equity markets have yet to run out of steam. After positive efforts on the Street of Dreams and in Europe yesterday, Europe batted on this morning and just after lunch the FTSE 100 was 65 points to the good at 6842. Across the pond investors, punters, spivs and vagabonds still had an appetite to own stock and felt comfortable with owning risk. The DOW breached through the 19k threshold for the first time and the S&P, NASDAQ and Russell had still maintained record levels at 3.00pm GMT.

 

As a sector mining grabbed the yellow jersey with gains close to an average of 4.5%. Oils initially were up 2% but were settling at the time of writing up just 1%. Retail maintained a degree of placidness – up an average of 0.5%, with Tesco, M&S, Next and Wm Morrison maintaining their poise but none seem to want to crack on. Drugs were as dull as dishwater. Banks were in quite good form with HSBC and Barclays 1% to the good and Lloyds was up 1.4%. RBS excelled +3.9%.

 

A number of companies posted results or trading statements today and this is how they fared – Kingfisher -2.5%, HomeServe and De La Rue both unchanged. Intertek -1%, M&B -5%, Focusrite put in a monumental effort with great numbers – +7.5%. Babcock International was -4.5%, AO World +0.3% and Compass Group down 3.8%. The Dow is up a rather parsimonious amount – 40 points at 18997

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