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“The FTSE100 opened in positive territory in the wake of falls on Wall Street and in Asia, with traders looking to Thursday's US Federal Reserve meeting where interest rates are seen being held,” says AJ Bell Investment Director Russ Mould.
Fashion retailer French Connection had a disappointing first half with its struggling wholesale business cancelling out growth in its retail stores where like-for-like sales improved, driven by a strong performance in the UK/Europe. The initial performance of the winter collection has been encouraging but, as ever, the group’s overall result will be dependent on the Christmas trading period.
“DIY giant Kingfisher’s first half sales rose with Screwfix continuing to underpin the group’s performance. Screwfix sales were up 24% driven by strong growth from the specialist trade desks exclusive to plumbers and electricians. Kingfisher continues to build on the Screwfix success rolling out 20 new outlets taking the total to 477. B&Q’s total sales declined by 1.9% following store closures but total online sales, including home delivery, continued to make good progress with sales growing by 39%. Kingfisher topped the blue chip index with its shares up by more than 2.3% in early trading.
“Sports Direct has bowed to shareholder pressure and decided that the forthcoming '360-degree' review of working practices and corporate governance will now be led by an independent party other than RPC. It has also announced that the selection process for the workers' representative on the board will be through democratic staff elections. Sports Direct’s shares edged up by just over 0.5% in early trading.”
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