Good morning from London where the FTSE 100 is off to a strong start this morning, up to around 7,550 points for the first time in four weeks owing to a good showing from the mining giants. And it’s a big day here in Europe with an interest rate decision from the European Central expected at 13:15 this afternoon UK time.
Sticking with interest rates Britain’s housing market has seen its most significant downturn in 14 years according to the Royal Institute of Chartered Surveyors. The ratio members reporting price increases and decreases fell to minus 68 in August, its lowest level since 2009. News that the House of Lords last night blocked government plans to relax planning rules added to the clouds gathering over the UK’s housebuilders.
Elsewhere, Waitrose owner John Lewis is saying this morning that its transformation plan will now take until 2028. The two-year delay is attributed to inflation-induced higher costs and a need for greater investment than first anticipated.
Manchester-based e-commerce firm The Hut revealed this morning in its interims that its revenues are down and its losses are up, though the figures weren’t quite as bad as analysts were expecting.
Contrasting fortunes over at ticketing group Trainline which is buying back £50m worth of shares after a strong first half. Ticket sales rose 19% despite the rail strikes.
And Finally, miner Greatland Gold rallied as existing major shareholder Wyloo agreed to provide it a A$50mln unsecured loan facility that saves it from a potentially dilutive share issue.
#ProactiveInvestors #FTSE100 #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews