I should have called in sick today. There was such a wonderful game of cricket on, which India won by 75 runs on a really dodgy track!
There is nothing dodgy about this market. It is solid and the FTSE 100 hasn’t moved more than 10 points all day – currently down 5 points at 7355 at 11.56am. The Pound and its weakness down to $1.2192 has been the catalyst. Had it not fallen the FTSE would probably be 30 points lower due to lack of interest and diminishing appetite for risk. Oils and mining have been solid with little activity. I am almost more interested in what Nicola Sturgeon has to say on any subject, which tells you the level of boredom that prevails.
Of those companies that have reported, investors have ripped the skin off Aggreko’s face. The temporary power supplier has not pleased its acolytes – down 11%. Those who have seen their shareholders purr are Intertek +4% and Just Eat +7%. Analysts have been marginally disappointed with Paddy Power Betfair ahead of Cheltenham – down 5%. Ashtead was 2.5% lower. Their day may come when the US infrastructure plans are under a wet sail. Direct Line down 3% is probably feeling the wheels of pain on their back with government interference over legislation. Shawbrook’s efforts (unchanged) were irrelevant as predators attempt to buy it out. Finally McCarthy & Stone was listless – go and have a good lunch!