FTSE climbs as National Grid recoups £95m and Persimmon lifts builders

Discussion in 'Market News' started by Lily, Aug 23, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Energy group given boost by Ofgem, while Tesco gains after latest sales data

    Leading shares are heading higher after two days of decline, with housing companies building up some good rises following a positive update from Persimmon.

    Persimmon said its reservation rate had risen by 17% since the start of July, as it shrugged off fears of a negative Brexit impact on the market. Its shares have added 74p to £18.68 while rival Barratt Developments is up 20.7p at 484.2p, Taylor Wimpey has risen 6.5p to 165.2p and Berkeley Group is 99p better at £26.49.

    Kantar UK food share update to 14 August confirms a healthier reading, supported by more favourable weather. Total market grew by +0.8% with continued healthy growth at the discounters (+11%) and resilience at the premium end (Marks +6.1%, Waitrose +1.8%). The Big 4 also saw an improvement (-1.1%) with pick up at Tesco (+0.9%) and Sainsbury (+0.2%). Morrison (-3%) continues to be impacted by the non-repeat of summer vouchering while share loss at Asda (-4.6%) persisted.

    The news vacuum surrounding JRP since its first quarter 2016 interim management statement in mid-May has allowed the ‘bears’ to have a real pop at the company, especially throughout the Brexit-induced volatility in financial markets. In this context, we view today’s trading statement as positive in respect of new business and the group’s financial strength.

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