LUNCH-TIME MARKET UPDATE

I know we are all waiting for the tapes to go up at Cheltenham just after 2.00pm this afternoon with the Supreme Novices Hurdle – the first race on the card, catching everyone’s imagination. Unfortunately the fayre in the City is not encapsulating the same fervour. Equities seem to have died on us. There is no doubt that Dollar earning stocks are under pinning the market thanks to Sterling’s weakness. Banks have been weak and mining and oils look rather soft and a little unloved. At 1.01pm the FTSE is down a mere 8 points at 7360.

 

With a wonderful card at Cheltenham and with little prospect of Mrs May pulling the trigger on Article 50, courtesy of M/S Sturgeon’s skulduggery, there is scant chance of the FTSE reacting at all in the warm spring sunshine. Of those companies that have reported numbers today the ‘yellow jersey’ was handed to SIG – up a short 10%. Of the FTSE 100 companies the Pru pleased its acolytes with a 14% increase in profits. Shares rose by 2.1% having gained 2.82% early doors. Ocado cracked on with good numbers achieved thanks to Waitrose and Morrison – +4.75%. Antofagasta’s efforts never even created a flicker – unchanged. TP ICAP disappointed – -2.5%. Close Brothers were slightly better than expected – +1.75%. All is all a deeply forgettable session. The DOW may open down 0.25%. I hope to be watching ‘River Wylde’ scampering up the Prestbury Park Hill to victory in the ‘Supreme!’

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