Friday, 10 May: Despite a positive start for the FTSE during this morning London’s main index couldn’t hold on before eventually giving way to close down 0.06% at 7,203.3, capping off a miserable week on the index. Bunzl shares were the biggest loser after the firm’s Finance Director announced his retirement. His name is Brian May hence today’s blog title. A joke is always funny when explained….. Shares on pharma’ giant AstraZeneca also weighed on the index after reports of an ambiguous drug trial.
Earlier today statistics showed the UK economy grew 2% in the first quarter (annualised) as Brexit stockpiling lent a hand. Sterling has seen very small gains through the session.
In other companies news Brewin Dolphin has seen a 13% drop in pre-tax profit for the first half of the year, attributing the decline to tough comparatives from 2018. Shares in the wealth manager fell 4.67% during today’s session. Staying on the FTSE 250, Sirius Minerals shares climbed 9% with Ted Baker having a welcomed good day as shares rose over 4%.
IAG shares flew near the top of the FTSE 100 today after higher revenue despite pre-tax profit taking a hit from higher fuel costs. They have backed full year targets on account of higher unit revenue and cost controls though, despite tougher competition.
Millennium & Copthorne Hotels also saw a decline in profit, with the board prioritising key property refurbs to minimize short term hits. Shares climbed 0.9%.