CHINA LOOKS OVER-COOKED RIGHT NOW July 27, 2009 DAVID MORRISONSENIOR DERIVATIVES TRADER, GFT YESTERDAY saw the result of the first Chinese initial public offering (IPO) in over a year since Chinese regulators suspended IPOs in September 2008 after worries that too many companies were anxious to tap investors for funds. And what a success the debut was. On the first day of trading [...]
New evidence in dairy probe July 23, 2009 The Office of Fair Trading said yesterday that it had provided more evidence to supermarkets and dairy companies as part of a probe into price-fixing of dairy products seven years ago. The watchdog said only Tesco and Wm Morrison were continuing to contest the provisional findings, issued in September 2007.
Supermarkets that reacted to slump are strongest July 21, 2009 THE usual assumption is that the stock market is a “leading indicator” for economic confidence. But as today’s cut of YouGov data shows, it doesn’t lead public sentiment, but is actually behind. The graph shows the BrandIndex scores for public perception of “value for money” (rolling monthly average) for Waitrose, J Sainsbury and M&S, alongside [...]
COMEBACK KID July 21, 2009 SHARES in WM Morrison made spectacular gains yesterday after the supermarket said it would beat profit forecasts. The announcement, which coincided with research showing that it is grabbing market share from rivals, confirmed Morrisons’ new status as the City’s favourite retail stock. Morrisons grew by 9.5 per cent in the 12 weeks to 12 July [...]
FTSE enjoys best run in four years July 21, 2009 THE FTSE 100 has had its best run in four years after companies around the world delivered better-than-expected results. The index of top-rated companies ended a seventh day of rises one per cent higher at 4481.17. It is the best winning streak since July 2005, with daily increases bringing the FTSE 100 up 8.7 per [...]
Supermarket sweep pushes FTSE to seventh rise in a row July 21, 2009 BRITAIN’S top share index rose for a seventh-straight day yesterday, boosted by supermarkets after a trading update from Wm Morrison, and after strong US quarterly results, with miners also lending support. The FTSE 100 closed 37.55 points higher, or 0.9 per cent, at 4,481.17, following a gain of 1.3 per cent on Monday. The index [...]
SHAREHOLDER VIEWS: WHAT SHOULD SAINSBURY’S DO DIFFERENTLY? July 15, 2009 BERNIE FIELDING“I think they could do more to boost the share price. Despite all the updates and improved trading, it still hasn’t lifted the market value by much. Tesco and Morrisons have achieved that. I don’t understand why Sainsbury’s is lagging and I want answers.” DIANA DENNIS“I think under the current conditions Sainsbury’s have done [...]
Northern Foods jumps as warm weather boosts barbecue sales July 15, 2009 FOOD manufacturer Northern Foods yesterday reported solid first-quarter trade, boosted by warm weather, and said it was optimistic it could beat full-year profit targets, lifting its shares by 12.2 per cent to 61.7p. Northern Foods, which makes food products and ready meals for retailers as diverse as Marks & Spencer and Aldi as well as [...]
Wm Morrison wins OFT approval for deal to purchase 30 Co-operative stores July 12, 2009 WM MORRISON yesterday got the green light from the Office of Fair Trading (OFT) for its acquisition of 30 stores from Co-operative Group. The shops being acquired will increase the size of the Morrison’s estate by about 10 per cent. Morrison has had to wait for OFT approval since the deal was first announced to [...]
BEST OF THE BROKERS July 7, 2009 MICROGENInvestec Securities reiterate their “buy” recommendation for IT group Microgen, which has issued an upbeat trading statement for the first half of the year. Investec believe that Microgen’s Aptitude branch looks particularly strong, having signed major contracts with blue-chip customers. Full-year earnings are ahead of expectations. WM MORRISONBank of America Merrill Lynch feels that Wm [...]