US markets hit new high as UK shop is pounded

THE US stock market passed a new landmark last night spurred on by Donald Trump’s promise to cut business taxes.

The Nasdaq crossed the 6000 mark for the first time in history more than 17 years after the exchange hit 5000 for the first time in March 2000.

Weathering such catastrophes as the bursting of the dot-com bubble and the global financial crisis, the Nasdaq was finally helped past the milestone by tech giants Netflix, up 5.8pc, and

Apple, up 0.6pc. US earnings have also been buoyed by surprisingly good results from McDonald’s. The index has also been bolstered by Trump’s plans to cut corporation tax to 15pc from 35pc.

European markets took a breath yesterday after the big gains on Monday. In the UK, Carpetright saw £13.4m wiped off its value after ‘tough trading conditions’ in the first three months of the year led it to issue a profit warning.

The floor and bed firm said fullyear profits are likely to be at the lower end of market expectations after its UK sales growth slowed to 1.4pc in the first quarter from 1.9pc in the previous three months.

With profits for the year to April 29 expected to fall between £13.8m and £16.2m, the new forecast could mark a sharp decline from the £17.3m posted last year.

‘In common with other retailers in the home improvement sector in the UK we have experienced tougher trading conditions over the last three months,’ said chief executive Wilf Walsh.

UK retailers have suffered so far this year, with the Office for National Statistics last week reporting the biggest quarterly fall in UK retail sales for seven years over the first three months.

Despite the news, both N+1 Singer and Peel Hunt reinstated their ‘buy’ ratings for Carpetright. Shares fell 8.1pc, or 19.75p, to 225.25p, making it the FTSE Small Cap index’s biggest loser.

Radio maker Sepura, on the other hand, rocketed to the top of the smaller companies index, with £11.1m added to its value.

The firm, whose radios are used by emergency services across the globe, rose an impressive 26.7pc or 3p, to 14.25p.

The leap came after Spain’s competition regulator approved its proposed £74m takeover by Chinese firm Hytera, approved by shareholders in January.

Spain’s National Markets and Competition Commission said the transaction ‘does not meet the thresholds for notification’ and terminated its investigation.

Earlier this month, the UK’s Department for Business, Energy & Industrial Strategy launched an investigation into the deal. Shares remain down 26.3pc for the year. The FTSE 100 inched up 0.2pc, or 11, to 7275.6.

Chemicals firm Elementis advanced to the top of the FTSE250 after revealing it is on track for across-the-board profits this year. The firm makes chemicals used in the production of anything from household cleaners to aerospace alloys and leather.

In its update for the first three months of 2017, the firm said demand was up on the first quarter of 2016 across all its divisions.

This was boosted by its acquisition of dental chemical manufacturer Summit Reheis in February for £289m. Brokers lapped up the news, with Numis retaining its ‘add’ rating and UBS giving it a ‘buy’ rating. Shares rose 5.2pc, or 15.6p, to a record high of 314p. Magazine and events firm Ascential was also among the FTSE 250’s biggest winners, hitting an alltime high after being championed by broker Berenberg. Shares rose 3.2pc, or 10.5p, to 341.3p.