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FTSE 100 lower but Ocado, Burberry rise and Super Bowl boosts Entain

Published Feb 12, 2024 12:51
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© Reuters. FTSE 100 lower but Ocado, Burberry rise and Super Bowl boosts Entain
 
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Proactive Investors -

  • FTSE 100 down 10 points at 7,562.
  • Tritax and UK Commercial Property to merge.
  • Ocado (LON:OCDO), Burberry , Frasers lead risers, Astra under pressure again.

US stocks called flat

Stocks in the US are expected to open broadly flat on Monday morning, with the S&P 500 holding firm above the 5,000 mark.

As per pre-market trading, futures for the Dow Jones were off 0.07% at 38,721, while the S&P 500 and NASDAQ each climbed marginally.

Though a quiet day on the earnings side, Arista Networks is due to release its latest quarterly report, with shares in the firm sitting 3% higher in pre-market trading.

US government budget figures are anticipated for January meanwhile, after a deficit of US$129 billion was reported for December.

Many Body Shop outlets to ‘shut for good’ - analyst

More on Body Shop now and analysts warn that the rumoured appointment of administrators would likely result in the closure of many outlets indefinitely.

Commenting on reports that the cosmetics firm could fall into administration as early as this week, Hargreaves Lansdown (LON:HRGV) analysts said cuts would probably follow.

“Whatever the outcome, it looks likely that many shops will shut for good, opening up fresh holes in high streets across the UK,” Susannah Streeter said on Monday.

Operating some 200 stores, Body Shop was bought by private equity firm Aurelius just six weeks ago, with tough results for the Christmas period revealing a lack of working capital.

“Administration will mean the company is protected from compulsory liquidation and offers legal protection from creditors’ demands,” Streeter added.

“It will give Aurelius breathing space to restructure and close highly underperforming stores and refocus attention on e-commerce sales.”

Two-year fixed mortgages see largest drop since 2022, Santander latest to cut

Average two-year fixed-rate mortgages saw their largest decline since late 2022 between January and February, Moneyfacts has reported.

Declining from 5.93% to 5.56%, the 0.37% drop in fixed two-year fixed rates was the largest recorded month-on-month since December 2022, the comparison site said.

Average Interest on five-year fixed mortgages also fell, slipping from 5.55% to 5.18%.

“There have been big expectations for fixed rates to fall further, and whether now is the right time to refinance will come down to an individual’s circumstances,” Moneyfacts finance expert Rachel Springall commented.

“Lenders are in constant review of their ranges, and it is likely rates will fluctuate in the coming weeks due to the noises surrounding future rate expectations.”

Fixed-rate deals remain cheaper than standard variable-rate mortgages, Moneyfacts added, with the bank rate “unlikely to move for a few months yet”.

Santander (BME:SAN) opted to cut rates on Monday, just three weeks after becoming the first major lender to implement hikes this year, with the bank's mortgages set to enjoy reductions of between 0.05% and 0.16%.

In case you missed it - Frasers buoyed on buyback, FTSE slips

Mike Ashley’s Frasers Group PLC (LON:FRAS) climbed 3.4% after signalling a new £80 million share buyback and upping its stake in N Brown Group PLC (LON:BWNG) on Monday morning.

A maximum of 10 million ordinary shares will be repurchased through the programme, the Sports Direct and Jack Wills owner said, which kicked off on Monday and will run until April 28, when the firm’s financial year ends.

“The purpose of the programme is to reduce the share capital of the company,” Frasers added in an update to the market.

Read more on Proactive Investors UK

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FTSE 100 lower but Ocado, Burberry rise and Super Bowl boosts Entain
 

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