My final morning update before the return of the lyric master Matt Basi on Monday and I am presented with the stale story of the continued US shutdown, already covered by all and sundry to an inch of its life.
Without the non-farm payroll data this afternoon markets look likely to meander into the close as we await news over the weekend as to when an end to the impasse might come
and then more importantly evaluate how the markets are likely to react. Talk of a default seems somewhat premature but the fact that the coffers are predicted to run dry between the 22nd and 31st of October is a rather sobering thought, the longer this drags on the more nervous people will become.
A profit warning from UK flooring specialist Carpetright ensured their shares got a shoeing this morning, down over 10%.
The firm warned that profits will be ‘significantly below’ previous expectations and followed that with news that Chief Executive Darren Shapland will be stepping down after just 17 months in the role.
That double whammy ensured the stock traded at year lows and raises some concerns that the firm hasn’t capitalised on the pick-up in the housing market and what it viewed as recently as June as an ‘encouraging’ rise in UK sales.
After the recent public fall from grace having been demoted from the FTSE 100
index down into the FTSE 250, John Wood Group today released its interim management statement suggesting that operations are running in line with expectations
and with a guidance that they will continue to deliver good growth through the rest of 2013 and into 2014. Investors don’t seemed convinced however as the stock trades slightly down this morning still 15% lower than the highs in August after which they warned of project delays leading to the selloff.
This morning’s trading statement from Tate and Lyle
(TATE) for the 6 months to end of September shown first half operating profits to be slightly lower than last year
, with a cold spring
being cited as the culprit for poor beverage, and so sweetener, demand. However, every sugar cloud has a silver lining
- Q3 and Q4 are expected to more than compensate as corn prices plummet
, and a later summer boosting demand in North America
has meant that shares are trading nearly 2% higher
at 759, from yesterday’s close of 739.
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