Despite the Dow Jones failing to finish March at an all-time high, the European indices had a spring in their step on the first day of April.
Climbing half a percent, the FTSE found its way back above 6,750 after the bell. The index spent the final week or so of March repeatedly hitting its head on 6,775 before retreating, even with the confidence boost of Monday’s re-opening. And Thursday doesn’t look like it is going to offer up the kind of surge in energy the UK index needs to firmly cross that level pre-Easter.
There was some good news from the retail sector, however, as Next PLC (LON:NXT) unexpectedly lifted its guidance for this year, after annual pre-tax profit more than halved to £342 million across the last 12 months.
That its pre-tax profit was still so strong is to be applauded. The high street staple has been able to shield itself from the full impact of lockdown thanks to its online store, with Lord Wolfson also pointing out the fortune of its strongest growth areas being those with a low return rate. Adding an extra layer of shine to the FTSE 100’s open, Next itself rose 2.8% to a 2 and a half month high of £80.86 per share.
Though the DAX was only slightly ahead of the FTSE with a 0.6% increase, given their relative levels that means something very different for the German index. It is now at a fresh record peak of 15,090 and will be keen to stretch its neck to 15,100 before the day is over.
The CAC, understandably, was less enthusiastic following Emmanuel Macron’s lockdown extension, rising just 0.2%.
That still puts the French bourse ahead of how the Dow Jones is meant to open this afternoon, with the futures pointing to a 0.1% increase from the US index.
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