UK stocks: risers and sliders

UK equities rallied broadly on Tuesday, but Morrisons share price took a tumble after the British supermarket chain announced its lacklustre Christmas trading update.

UK Stocks Source: Bloomberg

The FTSE 100 rallied to an intraday high of 6898, with the blue-chip benchmark closing in on its 6190 resistance level.

Doing its best to drag the FTSE 100 lower was British supermarket chain Morrison, with its share price down more than 3% hitting an intraday low of 210p, with it hovering at 212p as of 4:30pm on GMT on Tuesday.

Despite keeping its full-year forecasts unchanged after sales got a boost during the festive period – its fourth year of Christmas revenue growth on the trot – investors were disappointed enough to make Morrisons the Footsie’s worst performer.

‘Customers felt the effects of a spend-up over the summer and the uncertainty over Brexit possibly became less about the country and a bit more personal,’ chief executive David Potts told reporters on a conference call.’

‘They were feeding back to us that they are more cautious, more careful regarding what they are spending on. This was consistent across both affluent shoppers and more price-conscious ones.’

Other UK grocers fared better, with Tesco hitting an intraday high of 210p on Tuesday, up from 202p a share at market open, while Sainsburys fell slightly in early morning trading, but later rallied a touch higher.

Mid-market rallies again

The mid-market has carried its momentum from Monday’s session into Tuesday, with the FTSE 250 rallying once again, climbing more than 300 points at in early afternoon trading.

Aston Martin recorded yet another strong day’s trading, with its share price soaring up to £12.95 in the afternoon from £12 at market open, despite the carmaker blaming Brexit after UK car sales suffer the biggest crash since the financial crisis.

Funding Circle’s share price waited until the latter part of the session to rise, with it up a little over 6% as of 4:30pm GMT.

The alternative lender, like many UK stocks, had a tough time in December, with its share price falling by more than 35% after its SME Income Fund reported a decrease in net asset value.

Other notable risers include valve actuator maker Rotork and pub operator Greene King, with both seeing their share price up as much as 5%.


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