Thursday, 12 December: To little or no surprise, market headlines were dominated by UK election chatter. Yes, we know it’s barely been talked about we’re sorry, early in the session the pound’s climb kept a lid on the FTSE but as the session progressed the FTSE gradually proceeded higher until stopping +0.8% for the day. Wall St. has also moved higher, along with global bourses, after Trump announced a trade deal between the US and China was very close. Also today was Lagarde’s debut as chair of the ECB, which saw rates remain the same and also Lagarde mentioning that the ECB will continue bond purchasing for as long as necessary. So that’s that.
Anyway, markets tomorrow may have more to contend with as we will know the result by the opening bell. Obviously, the pound will be subject to the most movement, with anything but a majority likely to shake it. If all goes the way of the market’s expectations then we should see a lift to London shares, with domestic facing stocks buoyed but we can’t forget that if Boris wins he doesn’t necessarily just get Brexit done. Whatever that means. And as we have seen, politics is never far from a twist. So, let’s all just be thankful it’s Friday tomorrow whatever happens.
Balfour Beatty shares climbed over 4% today after they revealed they expected revenue and profits to come in slightly ahead of expectations, revenue expected to be 5% higher than last year. They also have achieved a strong order book position of £14bn.
Dixons Carphone shares also enjoyed a decent day after showing pre-tax loss es narrowed in the first half of FY20, they also re-affirmed prior guidance. Shares finished over 7% higher. As we mentioned yesterday, Just Eat were advising shareholders to back the primary takeover from Takeaway.com that was bettered earlier this week. Despite forgoing a slightly improved bid, the board clearly favour the other suitor and it seems so do shareholders, as they have already accepted over 13% worth of the shares involved in the deal.