Mike Ashley’s Frasers Group increases stake in luxury brand Mulberry November 19, 2020 Mike Ashley’s Frasers Group has increased its stake in Mulberry, sending the luxury handbag firm’s share price up more than eight per cent this morning. Frasers Group, which was formerly known as Sports Direct, has upped its stake in the designer brand to 36.82 per cent. The group, which also owns House of Fraser, Jack [...]
Bottoms up: Naked Wines revenue soars on lockdown boom November 19, 2020 Naked Wines’ first-half revenue has soared thanks to an increase in home delivery orders amid lockdown. With pubs and bars shut from March, Naked Wines recorded an 80 per cent surge in sales to £157.1m, compared with £87.5m a year earlier. It also narrowed first-half adjusted loss before interest and tax from £4.5m a year [...]
Snakes and Ladders: Who is moving jobs in the City this week? November 18, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis. This week, [...]
B&M sales benefit from lockdown loophole, but fails to grow customer base November 18, 2020 B&M benefits from being classed as an essential retailer due to stocking food and household goods, meaning stores have been allowed to remain open during lockdowns – an issue that has been widely discussed in the media.
FTSE 100 dips as coronavirus infections come back into focus November 18, 2020 The FTSE 100 has fallen for a second day as investors return their focus to rising coronavirus cases and new restrictions after positive vaccine news boosted global markets. London’s blue-chip index was down 0.5 per cent shortly after the open, taking it to 6,336 points. The FTSE 250 of slightly smaller firms was 0.2 per [...]
Halfords doubles profit after lockdown cycling boom November 18, 2020 Retailer Halfords more than doubled its profit in the first half of the year after capitalising on the lockdown cycling boom. The FTSE 250 firm, which sells motoring and cycling products, reported pre-tax profit of £56m in the six months to 2 October, up from £25.9m in the same period last year. There has been [...]
Chinese stocks climb on prospect of fiscal stimulus November 18, 2020 Chinese stocks edged higher on Wednesday after the Chinese government hinted at additional stimulus to aid the economic recovery. Premier Li Keqiang helped to ease investor nerves that authorities might abandon policies to prop up the economy, which has been devastated by the pandemic. On Tuesday night he told state radio that China will promote [...]
Markets today: Weaker start for Europe as investors focus on inflation November 18, 2020 After the vaccine inspired rally on Monday, a slightly more tempered market followed on Tuesday as the continued rise in virus cases started to experience a bit more cut through in the face of some disappointing US economic data. It is slowly becoming apparent that the economic damage being caused by subdued consumer activity is [...]
FTSE 100 and US stocks slip as investors focus on virus November 17, 2020 The FTSE 100 fell along with global stocks after jumping yesterday, as investors eased off on their rush into risk assets with months of uncertainty still ahead for the global economy. Drug firm Moderna’s announcement that its vaccine had shown to be almost 95 per cent effective in late-stage trials cheered markets yesterday, sending the [...]
Asda sales growth slows but grocer forecasts bumper online Christmas November 17, 2020 Asda’s sales growth slowed in the third quarter as lockdown restrictions lifted and hospitality businesses reopened, the supermarket announced this morning as it said customers are already stocking up for a “very different” Christmas this year. The grocer’s like-for-like sales excluding fuel were up 2.7 per cent in the three months ended 30 September, compared [...]