Best of the Brokers for 02 June 2014 June 2, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ASOS N+1 Singer has lowered its target price on the online fashion retailer from 5300p to 4100p but maintained its “hold” rating on the stock. The broker is concerned that the group’s sales growth rate in overseas markets is under threat, and has [...]
Germany’s April retail sales show repeating the first quarter boom will be tough May 30, 2014 German retail sales dropped unexpectedly in April, down 0.9 per cent month-on-month, as the country's output growth continues to slow, following a very strong winter quarter. Consensus was for a 0.2 per cent increase, after March's meagre 0.1 per cent rise. As Christian Schulz of Berenberg explains, in addition to boosting construction, the mild winter [...]
What you need to know before the open May 30, 2014 European markets are expected to head higher this morning, nearing multi-year highs. Investors remains intently focused on the European Central Bank’s next policy meeting next week, holding back slightly incase the expected stimulus plan next week isn’t as aggressive as the market is anticipating. German retail sales dropped unexpectedly in April, down 0.9 per cent [...]
The global economic recovery remains on track – for now at least May 29, 2014 WHAT is going on in America? The US economy collapsed in the first quarter – and true to form, Wall Street’s reaction was to send share prices surging. The reason was neither callousness nor even a short-termist, self-interested calculation that bad news means looser money – much more positively, it was that everybody can see [...]
Sir Philip makes market return with Mysale IPO May 29, 2014 RETAIL tycoon Sir Philip Green is set to make a return to the stock market for the first time in 22 years after Australian flash sales site Mysale confirmed its intention to float yesterday, with a value of more than £300m. The Topshop owner has bought a 25 per cent stake in Mysale for £47m [...]
Losses widen at Abercrombie & Fitch May 29, 2014 TEEN CLOTHING retailer Abercrombie & Fitch yesterday reported a bigger loss for the first quarter as heavy discounts hurt margins. The company’s loss widened to $23.7m, or 32 cents per share, in the quarter ended 3 May, from $7.2m, or nine cents per share, a year earlier. Comparable store sales declined four per cent, the [...]
Tesco creates China’s largest food retailer with CRE venture May 29, 2014 TESCO has finalised a joint venture with the state-run China Resources Enterprise (CRE) to create China’s largest food retailer. The deal combines Tesco’s 134 Chinese outlets with CRE’s 2,986 stores, called Vanguard. CRE will own 80 per cent of the new chain and Tesco will have a 20 per cent stake. Tesco chief executive Philip [...]
What you need to know before the US open May 29, 2014 US bonds weren’t much changed after latest GDP figures showed a one per cent contraction in the first quarter. European markets and US futures stood their ground too, with investors expecting the weather-induced declines. Later, we’ve got pending home sales out. Initial jobless claims showed 300,000 people signed on for unemployment benefit last week – [...]
Supermarkets are getting a quiet boost as entertainment spend booms online May 29, 2014 In the UK, one third of our spend on entertainment – so on CDs, DVDs and games – is now done online. Data from Kantar Worldpanel, covering the first part of this year, show that one in every three pounds people spend on physical entertainment objects is online. Interestingly, 20 per cent of all online [...]
B&Q owner Kingfisher’s shares are tumbling. Here’s why May 29, 2014 Kingfisher shares have shed 6.1 per cent, despite the home improvements retailer announcing a £100m special dividend this morning. Like-for-like sales at B&Q jumped 9.7 per cent to £1bn in the first quarter, with Screwfix seeing a 12 per cent increase, to £192m. But investors may not have been so filled with confidence over the [...]