Once again the FTSE is flirting with a fresh all-time high, and once again it appears to lack the momentum to truly break through and provide a sequel to its end of 2017 rally.
Admittedly the index did climb 0.4% after the bell, besting its eurozone peers – the DAX was up 0.1%, the CAC 0.3% – for the first time in a while. However, that rise still only leaves it back lurking around the 7720 mark having fallen below 7700 during yesterday’s trading – a rebound, perhaps, rather than the start of another groundswell of support. Sterling, meanwhile, continued to pull back against the dollar, falling 0.2%, while just about remaining at a 3 week high against the euro.
Helping the FTSE out was a giddy Morrison (LON:MRW), which broke the Debenhams(LON:DEB)-then-Mothercare (LON:MTC) double whammy of truly terrible post-Christmas updates with a rather impressive statement of its own. For the 10 weeks to 7th January the smallest of the Big Four supermarkets smashed expectations, posting a 2.8% surge in like-for-like sales (excluding fuel) against the 1.7% rise forecast
Breaking down the figures further and Morrisons had plenty to smile about; its Best premium range jumped 25%, suggesting savvy branding on the supermarket’s behalf, while online sales, which include those made through Amazon (NASDAQ:AMZN) Fresh, were up 10%. These figures sent the Northern favourite nearly 4.5% higher to a 3 month peak, and set a high bar to clear for Sainsbury's (LON:SBRY), Tesco (LON:TSCO) and Marks and Spencer (LON:MKS), all of whom report this week.
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