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“The FTSE100 opened slightly higher following stronger advances in the US and Asian markets with recent Brexit and political developments adding an element of caution in the City,” says AJ Bell Investment Director Russ Mould.
“Character Group was a double-digit faller after Toys ‘R’ Us filed for bankruptcy protection in the US and Canada yesterday. Toys ‘R’ Us is one of Character’s major customers and at this stage it is unclear what impact the bankruptcy measures will have on the group’s ongoing trading position with the retailer both in the UK and internationally. In the short-term, though, it means Character does not have reliable visibility in the run-up to the important Christmas trading period. Character’s shares were down by more than 10.3%
“DIY giant Kingfisher led the blue-chip board despite a slight dip in first half like-for-like sales. Kingfisher saw solid growth at Screwfix and in Poland, offset by continued weaker sales in France and some business disruption, principally reflecting product availability and clearance. But the group is on track to achieve its strategic milestones for the current financial year and its 2020-21 targets remain unchanged. Kingfisher’s shares were up by over 5.5%.
“Babcock was an early riser after it maintained its full-year outlook. Revenue visibility has continued to improve and the order book and bid pipeline of opportunities remain stable. Babcock’s shares were up by over 1.6% in early trading.”
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