Thursday, 18th October: The UK franchise of Domino’s was at the top of the FTSE 250 on Thursday morning after their Q3 update and announcing a £25 million share buyback plan. During the 13-week period he group opened 23 new stores, 20 of which were in the UK, and experienced a 5.9% increase in sales. However, the fact that pre-tax profit was at the bottom end of the guidance rage failed to send the popular franchise to the other end of the index, as the market was kind enough to shrug it off and praise the company for what they had achieved instead of scrutinise them, which is something we don’t see much of in these unforgiving times. Sales via online channels have helped the group survive during a time where app-based services such as Just Eat and Deliveroo shift consumers buying preferences. In the afternoon they were trading more than 8.0% higher and remained at the top end of the FTSE 250.
After the second day of Brexit negotiations came to and end, those involved suggested that a deal is closer and if necessary, they would extend the transition period, which May was almost instantly criticised for and accused of betrayal by critics. The EU and Britain also decided to give themselves an additional few weeks to break the deadlock in Brexit talks.
The FTSE 100 had a fairly bland day, with no particular winners or losers at a noteworthy rate. Having spent the first half of the day in green, after mid-day they travelled in the opposite direction and ended the day 0.39% lower at 7027.
Despite the lack of progress made with regards to Brexit, sterling managed to remain relatively stable until later in the afternoon when it fell by 0.27% to $1.30667, which isn’t too bad when compared to yesterday’s larger drop of 0.67%.