Carpetright Rolls On

Tuesday, June 25: The FTSE 100 opened lower today as investors turned their concentrations towards the upcoming G20 meeting. The undercard is tasty but the main event is of course between the two big guns, the US and China in respect to developments in trade tensions / resolutions. Of course, comments from trump on ranging topics will be closely monitored but the ever-mounting geo-political risk were too hard to ignore at the opening bell in London. This did follow mixed trade in Asia but major bourses showed a lag from Wall St. yesterday, with the Nikkei reversing from Monday’s losses and the Hang Seng sinking after a strong opening session to the week.

As the session developed the increasing weakness in the dollar and strength in miners helped the FTSE reverse earlier losses to creep 0.08% higher, a strong session given the weak sentiment globally. Company updates to note from today included Carpetright, whom saw their shares jump after their restructure showed early signs of success. They have narrowed their losses in fiscal 19 and addressed legacy property issues, giving a glimmer of hope going forward. Shares cooled during the day to eventually shut 4.25% higher.

Northgate, another ailing business provided an update today. Profit has increased this year but they estimate revenue growth will lose speed next year. Profit growth of 15% isn’t enough to offset a dismal outlook, with continued pressures on the business and its market. Shares closed 1.5% lower on the day.

In other news, challenger bank Monzo raised £113m in their latest funding round, which roughly equates to a value of £2bn for the company. If you’re unfamiliar with Monzo they’re the lobster red cards you see everywhere. Usually slung casually out from the pocket of some flares on Osborne road in Bar Blanc for a ‘cheeky rose’ and a carling. Anyways, worries still surround the firm, in terms of funding and other issues but this latest news should provide some confidence.

Elsewhere, Anglo American has reported that first half earnings p/share have soared due to a higher rand basket price for platinum group metals. Anglo shares crept 0.21% higher today.

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