Friday, 14th July: During her first year as managing director of John Lewis, Paula Nickolds is feeling the pressure. Nickolds is the first woman to run Britain’s largest department store operator, which is an honourable achievement, but it probably wasn’t the best time to take on the role considering the current economic condition. John Lewis consumers seem to be taking a step back from the “big ticket” goods, but beauty sales are booming, already up 7% from 2016, which will almost definitely continue to increase given that John Lewis typically generate more than 40% of their annual profits during the five weeks leading up to Christmas.
Carillion managed to recover a fraction of the losses made earlier this week, and were trading up roughly between 7%-8% around mid-day after announcing that they will be taking on HSBC as its joint financial adviser and joint corporate banker in a bid to rescue themselves from the chaos that occurred when they announced a profit warning, suspended divided, higher debt, and a farewell from the Chief Exec at the beginning of the week. The small increase in the groups’ share price came sooner than anticipated, but was definitely needed, as they probably couldn’t afford to continue sitting at the bottom end of the index for much longer.
Amazon’s bid to dominate the American grocery industry has been thrown a curveball by U.S representative David Cicilline, who has expressed his concerns over the acquisition and stresses that a hearing must be held. Cicilline is concerned over the smaller grocery businesses which will be affected by the acquisition if it goes through,
To end a relatively bland week, after spending most of the day in red, the FTSE ended 0.47% down at 7378, close to its weekly start of 7370. The FTSE is barely moved when compared to the beginning of this month, down 0.01%, but has dropped 2.2% when compared to the beginning of June.