It’s TRUMPINGTON DAY today, with the great man not getting to his feet until 2.00am GMT to address both Houses in Congress. Markets are so geared up for this speech. Markets in the US hit record levels yesterday. Let’s hope he delivers. Any sign of serious disappointment in the content of his speech and it could be ‘tin-hat syndrome!
Here in London despite the plethora of companies reporting numbers today, market trading has been moribund, ‘waiting for Godoh!’ at 11.46am the FTSE is up a parsimonious three points at 7256. Markets totally lack direction. It is easier to gage US movement with defence stocks and those involved in building and technology threatening to blaze the trail.
Of those companies that reported today – Greggs -3% – travelled and arrived – Virgin Money – great numbers but only up 0.5% travelled and arrived. Interserve -1% in line with expectation. Bodycote took an hour to please its acolytes – +7% on a great improvement. Taylor Wimpey has had a good run on the rails and punters are taking a breather – +0.75%. Meggitt put in a storming performance +12% much improved outlook. St James’s Place sees the retirement of its long standing CEO David Bellamy – -2%. Moneysupermarket.com did not pass muster -6.25% and Boohoo excelled +3%. M&S down 43% in 22 months NEXT down 42% in the last year mind your eye!