JP Morgan Cazenove said it believes that easyJet’s share price performance is being overshadowed by Stelios’ disagreements with the board over strategy. JP Morgan said that until such time as these are seen to be resolved permanently it expects share price performance to remain muted. JP Morgan downgrades its rating on the airline to “neutral” from “overweight”.

Societe Generale said that EDF could sell its UK networks in the next few days. The
Nouvelle Organisation du Marche de l'Electricite bill has been approved by the French National Assembly and should be voted on by the Senate in July or September. Soc Gen said that a tariff increase would be positive for EDF and gives it a “buy” rating.

Numis said that it believes the news of a new chief financial officer at Wincanton should not detract from the investment case. Numis gives the supply chain group a “buy” recommendation and said that post-restructuring in Europe there is scope to improve margins, and the development of the new growth sectors will become visible to investors as they become more material.