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Marston’s Fizzes But Greene King Falls Flat

By Spreadex (Connor Campbell)Market OverviewNov 30, 2017 08:46
uk.investing.com/analysis/ftse-struggles-with-sterling-gains-marstons-fizzes-greene-king-falls-flat-200198598
Marston’s Fizzes But Greene King Falls Flat
By Spreadex (Connor Campbell)   |  Nov 30, 2017 08:46
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FTSE Struggles On Sterling Gains

Things continued in the same vein as on Wednesday, with the FTSE struggling under the weight of sterling’s rise.

Despite the reported £50 billion Brexit divorce bill breakthrough being just one part of a trio of issues preventing the UK and EU from unlocking trade talks – the others are the Irish border and citizens’ rights – the pound has continued to cheer the signs of progress this Thursday. Cable has risen a further 0.3%, allowing it to cross $1.345 for the first time since the end of September, while against the euro, sterling has climbed 0.4% to a fresh 3 week high.

This, alongside the pre-OPEC meeting jitters of the oil sector, helped drag the FTSE another 0.4% lower. That means the index has shed all of its Royal Dutch Shell (LON:RDSb) -driven growth seen on the Tuesday, its foray above 7400 once again wilting in the face of the pesky pound.

Elsewhere it was a very mixed morning for the pub sector, with both Greene King (LON:GNK) and Marston’s (LON:MARS) reporting. The former quickly became one of the day’s worst performers, sinking 6% to a fresh 5 and a half year nadir after higher costs forced its first half pre-tax profit 8% lower to 127.9 million.

The reaction to Greene King’s interim results was likely made worse by the comparatively perky state of rival Marston’s own annual report. The Hobgoblin-brewer revealed a 2.9% rise in underlying pre-tax profit to £100.1 million and a 9.5% surge in underlying revenue, aided by the recent acquisition of the Charles Wells Beer Business. This helped send Marston’s more than 10% higher, lifting it from its recent lows to a £1.15-crossing 2 month peak.

Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.

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Marston’s Fizzes But Greene King Falls Flat
 

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Marston’s Fizzes But Greene King Falls Flat

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