The FTSE 100 has enjoyed eight consecutive sessions of gains and it looks as though today might be the ninth. At 4.10pm the FTSE 100 is up 45 points 7280. This is unprecedented in recent times. Traders seem to be rubber-necking over their shoulders. Half an hour ago the DOW was down 35 points and now as I write it is up 15 points – still short of the magical 20k threshold. It seems to be a question of “after you, Marmaduke!” I keep thinking of that anonymous statement that sits over the fireplace at the Hind’s Head at Bray – ‘Fear knocked at the door, faith answered – no one was there!
Traders, analyst and economists seem remarkably relaxed about conditions. Few will move or change policy tack before President Trump is inaugurated. However the UK economy seems very robust. I am watching Jeremy Corbyn speaking in Peterborough. I confess that I have the sound turned down. Ever since he got to his feet the market has gone better so the media cannot be that enamoured with his thoughts on immigration or capping executive pay. He’s a lovely bloke. The country, though, should be very grateful that politically he is currently a toothless tiger. He has huge support amongst 18-25 year old members of the forgotten society, but at present that is not enough to change voters’ perception or the Corbynistos.
For LSE Xavier Rolet to suggest that between 10k jobs could go, if clearing leaves London, one assumes that the ink must be near enough dry for Deutsche Boerse to takeover the LSE – I mean merge – well maybe I don’t! Well he’s thrown a bolder in the pond for a reaction and he’ll certainly get one. I am hoping theer is a degree of exaggeration.
Anyway miners have been strong with Glencore leading the pack – up 3.9%. Oils have been weak – main core operators down 0.5%. Astra Zeneca is up 1%, but the rest have been listless. Banks have been better – Barclays and Lloyds both up 1%. Of those companies posting numbers today – Bohoo has added 1.1% – slightly surprising considering sales were up 46%. Investors’ reaction to Just Eat was staggering considering again sales were up over 40% – down 6%. Whitbread cracked on thanks to a positive Credit Suisse note – +4.4%. Focusrite posted exciting progress – +6% and 39% in the last year. Majestic Wine had a decent run on the rails – +6.9% and finally Morrison deserves the Yellow Jersey for a tremendous turnaround effort – up 3.45% having being up as much as 4.5%. Hats off to CEO Dave Potts for a 2.9% increase in like for like sales over the past 9 weeks.