FTSE jumps nearly 2% after Wall Street rally but Capita slides

Discussion in 'Market News' started by Lily, Feb 25, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
    Likes Received:
    Outsourcing group leads fallers after mixed set of full year figures

    Leading shares have shrugged off a 6% fall in Shanghai shares, preferring to concentrate on a late rally on Wall Street as oil prices recovered.

    But with key economic data due, the G20 meeting in China from tomorrow, and another fall in crude as investors worried about Saudi Arabia suggesting there would be no production cuts, the mood remains volatile.

    Earnings per share of 70.7p was in line with expectations but there is plenty in today’s prelims for both the bears and bulls to get their teeth into.

    Starting with the negatives: organic growth of 4.3% in 2015, as forecast, but commentary that for 2016 the target is at least organic revenue growth of 4%. Compare that to December’s trading update when management was confident they could deliver an acceleration in organic growth in 2016.

    This is a seasonally quiet time of the year but trading is in line with expectations and importantly planned investments and developments are on track. We reiterate our buy recommendation and 480p target price.

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