Tuesday, 14th May: After a gloomy start to the week, the blue-chip index made a swift comeback on Tuesday morning, opening 0.15% higher and trading more than 0.7% higher at approximately 09:25 (BST). At the same time, the pound was down c.0.18% against the dollar at $1.29401, but onlookers were hopeful this would change after UK wage data was released, which demonstrated a fall in the jobless rate to 3.8%, the lowest since the mid-1970’s.
Vodafone made its own temporary comeback today after the groups share price took a hit following the dividend cut rumours which circulated over the weekend. On Tuesday, the group confirmed that the dividend was indeed to be cut, but the outlook remains positive as they look to introduce 5G to the UK on the 3rd July 2019, and the overall outlook remains positive, to which the market responded positively to and consequently allowed the group to bounce back as they were trading 2.4% higher in the morning at around £1.35. However, by mid-day, the market changed its mind and Vodafone shares had done a 360 from yesterday, back into red territory as they were down more than 5.0% in the afternoon.
Showing the UK indices top constituents how it’s done today was Greggs. Up more than 16.0% in the afternoon on the FTSE 250 after an upbeat trading update which revealed lfl sales at company-managed stores grew by 11% during the first 19 weeks of 2019, as well as higher forecasts for the full year than previously expected. The vegan sausage roll is the saviour in this story as it has contributed substantially towards the brand transformation and the groups record breaking results since it has been introduced to the market.
The FTSE 100 had an impressive day today and managed to reverse all of yesterday’s losses. The index closed 1.09% higher at 7241.6.