Proactive Investors -
- FTSE 100 up 41 at 7.738
- AstraZeneca (NASDAQ:AZN) buys Gracell for US$1.2bn
- Retailers off on weak Boxing Day footfall reports
London’s blue chips have settled down after early gains but it is still a good day overall so far.
At mind-morning the index was up 42 at 7,739, or more or less when it has been since the start,
Retailers were a weak spot following reports that Boxing Day sales had seen less footfall than in previous years.
A report from MRI Software suggested shopper numbers were down by around a fifth compared to a year ago across the country with only central London seeing an increase.
International shoppers were behind that according to another report with the locals still hunkering down and consumer confidence weak.
Marks and Spencer (LON:MKS) edged 0.2% lower to 271.5p, Next 0.4% to 8,174p and Frasers flat at 922.5p.
FTSE 100 keeps early gains, top tech trusts revealed
FTSE 100 has kept its early morning gains, up 41 points at 7,738, with shares in BT (LON:BT), Vodafone (LON:VOD) and Pearson (LON:PSON) all down more than 1%.
‘’The FTSE 100 has risen from its Christmas slumber with gains in early trade as positivity pulses through financial markets. There are hopes of a soft landing for the US as inflationary forces slow, borrowing costs are forecast to drop and consumers remain resilient," Susannah Streeter at Hargreaves Lansdown (LON:HRGV) said.
Anglo American (JO:AGLJ) continues its earlier gains as the FTSE's leading riser, up over 3%, while Ocado (LON:OCDO), Entain (LON:ENT) and Rentokil have all jumped over 2%.
Scottish Mortgage Trust (LON:SMT) has also lifted 1.63% higher, helping the tech-weighted trust, which top holdings include Nvidia and Amazon (NASDAQ:AMZN), lift more than 11% in the year-to-date.
British trusts which have relied on tech companies, particularly across the Atlantic, have experienced some tasty gains in 2023, including Manchester & London which was up 60% in 2023.
As the year draws to a close, Proactive has dived into the portfolios of the trusts with significant weighting to the so-called ‘Magnificent Seven’ tech stocks to analyse some of the best and worst performers.