At 12.41pm despite Panmure Gordon coming out with very much better than expected results, which has generated a certain buzz around the office, I cannot help yawning such is the predictability of the current market mood amongst equity geeks. THE FTSE 100 is 30 points to the good at 7308. Considering most of us need match sticks to keep awake, that is a right royal result, particularly as the school holidays are under a wet sail, with many also jousting with danger ‘off-piste’ at great resorts such as Zermatt or Klosters, the cost of which will require a second mortgage.


Why the 25 points? Oil is firmer, resulting in BP adding 1% and RD Shell 0.75%. Miners have received positive attention – Rio, BHP and Glencore all up 1.5%. Apart from GSK, which has spent the day sulking – down 0.5%, other drug operations such as Astra Zeneca and Shire are enjoying the spring sunshine gathering in 1% each.


Of those companies that have posted numbers, shareholders in Utilitywise have vented their spleens, whilst incurring their wrath and indignation on a poor showing of their results – down 12%! ASOS ‘travelled and arrived’ – down 3.9%. Topps Tiles – well it’s not really their time of year – down 4%. Midatech Pharma was up 1.5% but are now flat.


The prophets of doom have massed their troops against BREXIT. Official numbers last month suggests the UK has slipped in to 5th place as a country to have attracted overseas investment. I have little doubt that this is a temporary aberration. They will return. Across the Pond the DOW futures suggests the market is not so upbeat – down 50 points. The DAX and CAC are both marginally below the Plimsoll line.


US markets have made great progress thanks to Trump providing hope and expectation since last November. P/E ratios are excessively rich. If he fails to deliver on spending and tax, I suggest that you keep your tin hat not too far away in case there is a correction. Also next week the 2nd quarter earnings season starts. Profits of S&P 500 companies are expected to increase by an average of 11%. Big Brother will be watching!

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