Thursday, 24 October: The FTSE maintained this week’s winning streak, closing 0.93% higher at 7,328. As we have explained this is primarily because of the Brexit volatility that has caused sterling to drift from recent highs, therefore giving international earners some momentum. Today across European bourses there was a raft of trading updates as well as European PMI’s, and Mario Draghi spoke for the final time. And akin to his usual monotone gloom, he left the ECB with a miserable warning. His lack of charisma will be missed. Really missed.
The biggest climber son the FTSE today were dominated by those offering trading updates. M&G were once again the winners, as shares climbed a further 6% after yesterday’s stellar opener. AstraZeneca followed closely behind after sales increased and they increased guidance. Aveva took bronze as shares climbed almost 5% as they showed low double-digit revenue growth in the first half of fiscal 2020. RBS was one of the few coming off worse following their update, as they swung to a loss from higher than expected PPI costs. The surprise follows a surge in claims as the deadline closed at the end of August. Much like Mario Draghi’s voice, PPI calls will sorely be missed. Tremendously. No really, like with fashion trends let’s hope in a few years they call up in a throwback Thursday-esque style.
Moving on, after some pretty woeful trading of late Shoe Zone were took some steps in the right direction as revenue ticked slightly higher and they reassured previously lowered guidance. Shares closed over 10% higher.