Market News & Analysis
FTSE earnings to the fore
Fiona Cincotta May 12, 2020 7:07 PM
Vodafone is leading the FTSE gainers after it posted better than expected full-year profit numbers while Morrisons is also gaining ground following a Q1 trading update. The supermarket’s sales increased nearly 6% over the last three months although some of its outgoings rose too as it doubled its delivery capacity through cooperation with Amazon and Deliveroo.
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B&Q owner Kingfisher is also trading higher helped by a 2.7% increase in sales in the first week of May compared with a 74% fall in April. The company is getting ready to bring back some of its furloughed work force as it reopens stores in the UK and France.
Property developer Land Securities lost the most ground among all FTSE 100 stocks after it reported a pre-tax loss of $1 billion. Land Securities’ main exposure is to retail property and shopping centres like Bluewater. The group has been bleeding money while shops remained closed during the pandemic and because tenants have been defaulting on their rents.
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