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.
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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets