BEST OF THE BROKERS June 16, 2011 BARCLAYS Deutsche Bank rates the bank “buy” with a target price of 386p. The broker notes that Barclays was keen to stress its flexibility in the face of regulatory shifts at a recent investor day, forecasting a 15 per cent return on equity for BarCap in 2013 even if revenues are subdued by rule changes. [...]
FTSE tumbles as Greek crisis prompts flight from equities June 16, 2011 BRITAIN’S top shares fell sharply yesterday as fears over the global recovery and a contagion impact from the Greek debt crisis prompted investors to sell out of riskier assets such as commodity stocks. The FTSE 100 ended down 43.74 points, or 0.8 per cent, at 5,698.81, back at levels last seen after the Japanese earthquake, [...]
UK retail sales fall more than expected June 16, 2011 UK retail sales fell more than twice as expected in May, new data has shown, deepening concerns over the health of the high street. Sales fell 1.4 per cent in May compared with April, against economists’ expectations for an 0.6 per cent increase. The fall reversed April’s 1.1 per cent rise as rising job insecurity, [...]
Sainsbury’s sales rise but fuel costs bite June 15, 2011 UK SHOPPERS are spending £10 per week less on food now than two years ago because of the cost of petrol, Sainsbury’s chief executive Justin King (pictured) warned yesterday, as the supermarket said sales rose 0.9 per cent in the past quarter. Sales excluding petrol but including VAT rose 1.9 per cent, while sales ex-VAT [...]
Weak banks help drive FTSE to three-month closing low June 15, 2011 BRITAIN’S top shares ended lower yesterday, weighed down by banks on worries over the UK government’s drive for tougher regulation and Europe’s debt crisis, while commodity stocks also pressured the index. The FTSE 100 closed down 60.58 points, or 1.0 per cent, at 5,742.55, its lowest finish since March 18. Banks fell ahead of chancellor [...]
Sainsbury’s sales up as shoppers buy bargains June 15, 2011 Supermarket chain Sainsbury’s has seen like-for-like sales grow 1.9 per cent in the past three months, excluding sales of fuel but including VAT, confirming the subdued consumer spending trend. It warned that customers were turning to its own-brand products to try to spend less on food and had focused on products included in meal deals. [...]
Tesco blames fuel price for UK sales dip June 14, 2011 TESCO stoked fears over the financial pressures on British consumers yesterday by posting sales growth in all international regions except the UK. The UK’s biggest supermarket blamed high petrol prices for eating into household incomes and causing an 0.1 per cent fall in UK sales excluding petrol and VAT in the past three months. It [...]
Investors ignore growth abroad to focus on UK woes June 14, 2011 MAYBE Tesco should move its primary listing to Hong Kong. Then investors might pay more attention to Asia, where sales grew by 11.4 per cent at constant exchange rates in the first quarter. The region accounted for around 17 per cent of sales and trading profit last year, a figure that will only grow. Or [...]
Oil companies and banks help to push the FTSE 100 higher June 14, 2011 Britain’s top share index rose yesterday, with oil majors and banks gaining as above-forecast data from the United States and signs that the Chinese economy could avoid a hard landing boosted appetite for riskier assets. Britain’s FTSE 100 ended 29.67 points higher, or 0.5 per cent at 5,803.13 points, after inching up 0.1 per cent [...]
FTSE climbs as risk appetite returns June 14, 2011 London stocks are gaining ground this morning after heartening economic data from China led Asia to a positive finish overnight and boosted commodities. Energy and metals prices are rising after data showed China’s inflation rate remains high at 5.5 per cent. That rate was better than some expected, though, while retail sales data also showed [...]