After yesterday’s trade war-fearing, Brexit-bitten session, the markets got off to a brighter start on Tuesday, without really any reason to do so.
Though it still couldn’t break out of its recent trading bracket, the FTSE at least pushed to the upper end of it after the bell, climbing 25 points to hit 7685. The index’s main boost came from the commodity sector. With copper up 0.7% the likes of Rio Tinto (LON:RIO) and Anglo American (LON:AAL) rose anywhere between 1.3% and 2%, while BP (LON:BP) and Shell (LON:RDSa) jumped 0.8% and 0.5% respectively as Brent Crude crossed $74 per barrel following the resumption of the USA’s sanctions on Iran.
As for the pound, that most miserable of currencies, it managed to avoid any further losses as Tuesday got underway. Against the dollar it actually nudged up by 0.1%, lifting cable away from Monday’s 11 month lows; against the euro, however, it wasn’t so lucky, remaining the wrong side of €1.12.
Domino’s lost a lot of dough following its half year results on Tuesday. Though group sales rose 12.8% to £616.6 million, with a World Cup-boosted 5.9% jump in UK like-for-likes against the 2.4% managed in the first half of 2017, a 9.7% drop in statutory pre-tax profit thanks to the costs of its European expansion sent investors running. The stock ended up plunging 8.5%, leaving it at an 11 month low and down around 17% since the year began.
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