FTSE 100 drops while industrial stocks boost mid-caps June 18, 2021 London’s FTSE 100 dipped this morning after a fall in heavyweight oil majors BP and Royal Dutch Shell dragged down the index. The blue-chips fell by 0.5 per cent at the open, with oil dips offsetting gains in large dollar-earning consumer staples firms including Unilever and Diageo. These companies benefitted from a weaker pound, as [...]
UK retail sales fall in May as Brits swapped supermarkets for restaurants June 18, 2021 UK retail sales fell by 1.4 per cent in May following a sharp increase in April when lockdown restrictions were eased, according to new Office for National Statistics (ONS) data. The monthly drop was unexpected, with economists predicting a 1.6 per cent increase. The largest contribution to the decline came from food stores, where sales [...]
UK businesses pay £1bn of furlough money back to the Treasury June 17, 2021 British firms have paid back the government more than £1bn in previously claimed furlough payments, after weathering the Covid recession successfully. A Freedom of Information request, sent by the Financial Times, revealed that £709m of money claimed through the coronavirus job retention scheme has now been repaid to HM Revenue and Customs by businesses. Another [...]
Dr Martens pays back furlough money after pandemic sales surge June 17, 2021 Dr Martens has handed back money borrowed under the Covid furlough scheme after reporting strong revenue growth in its first results as a publicly-listed company. The British bookmaker said it received £1.3m under the government’s job retention scheme in the early part of the pandemic, but had since returned the funds. It came as the [...]
Online bathroom retailer Victorian Plumbing to secure £850m value via IPO June 17, 2021 Victorian Plumbing will float on the alternative investment market (AIM) later this month, in a move expected to give the online retailer of bathroom products and accessories a value of £850m. The placing of new shares is expected to raise gross proceeds of £11.6m for the company, while the placing of sale shares is expected [...]
Halfords reports boom in cycling sales during lockdown, but faces ‘acute’ supply shortages June 17, 2021 Halfords reported a continued surge in pandemic-inspired cycling sales but warned that supply shortages were a risk to its growth projections, in its annual results this morning. The retailer, which was classed as an essential retailer and was allowed to remain open during the lockdown, reported annual profits grew by 72 per cent, rising from [...]
Simply Be brand owner N Brown signs up Amanda Holden and Davina McCall for some celebrity firepower June 17, 2021 Retailer N Brown has leaned heavily on its core brands in the last few months as the business signed up Amanda Holden and Davina McCall to provide some celebrity firepower. The business said that its five core brands, Jacamo, Simply Be, JD Williams, Ambrose Wilson and Home Essentials saw revenue grow by 15 per cent [...]
Pre-Fed jitters keep US stocks below record highs at open June 16, 2021 US stocks opened just below record highs today as investors stayed on the fence ahead of potential hints from the Federal Reserve on when it would taper its monetary stimulus. The Dow Jones Industrial Average was down 0.1 per cent, while the S&P 500 opened flat, remaining near an all-time time. Meanwhile, the Nasdaq Composite [...]
Today’s Fed meeting: Those who eat get fat, those who don’t regret June 16, 2021 According to an old Turkish saying ‘those who eat get fat, those who don’t regret.’ Traders would pick this up as taking a long equity position as investors continue to navigate an environment of low to negative yields on less risky holdings, with all eyes on the Federal Reserve later today. “It’s the Turkish way [...]
Made.com shares fall after £775m London IPO June 16, 2021 Shares in Made.com fell in their debut this morning after the furniture retailer listed in a £775m London initial public offering. The online furniture brand, which has enjoyed rapid sales growth during the pandemic, set its offer price at 200p per share. This will give the company a market capitalisation of roughly £775m. It was [...]