FTSE to best streak in 7-month

The Financial Daily - - MONEY & FOREX -

LON­DON: The FTSE 100 closed higher for a sixth con­sec­u­tive session on Wed­nes­day, its best run since Au­gust 2010, as in­vestors ditched re­tail­ers over earn­ings wor­ries in favour of growth sec­tors such as in­dus­tri­als and min­ing.

Dixons is­sued a profit warn­ing and gloomy out­look as a sur­vey from the Con­fed­er­a­tion of Bri­tish In­dus­try showed the un­der­ly­ing trend for re­tail sales re­mained weak. Dixons, Bri­tain's No.1 elec­tri­cal re­tailer fell 18.3 per cent, while the coun­try's big­gest pizza de­liv­ery firm, Domino's Pizza UK & IRL Plc, fell 4.2 per cent as it re­ported a slow­down in sales growth.

Next shed 2.6 per cent and Marks & Spencer dropped 3 per cent as MF Global ini­ti­ated its cov­er­age on the lat­ter with a "sell" rat­ing, ar­gu­ing it has a "his­tory of boom and bust", while Oriel cut its earn­ings fore­casts.

Traders said banks weighed on gains ahead of Ir­ish bank­ing stress-test re­sults on Thurs­day.

Bar­clays po­ten­tially dealt UK Plc a blow. It was re­ported to be con­sid­er­ing mov­ing its head­quar­ters to the United States due to the UK threat of higher cap­i­tal re­quire­ments.

De­spite the re­tail gloom, Lon­don's blue-chip in­dex closed up 16.13 points, or 0.3 per cent, at 5,948.30. The in­dex has risen 6 per cent since it's year-low of 5,591.59 on March 15, re­bound­ing from sharp falls af­ter Ja­pan's earth­quake, po­lit­i­cal trou­ble in the Arab world and Euro­pean debt wor­ries.

See # 5 Page 11

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