Marston’s Fizzes But Greene King Falls Flat

Marston’s Fizzes But Greene King Falls Flat

Spreadex  | Nov 30, 2017 08:46

FTSE Struggles On Sterling Gains

Things continued in the same vein as on Wednesday, with the FTSE struggling under the weight of sterling’s rise.

Despite the reported £50 billion Brexit divorce bill breakthrough being just one part of a trio of issues preventing the UK and EU from unlocking trade talks – the others are the Irish border and citizens’ rights – the pound has continued to cheer the signs of progress this Thursday. Cable has risen a further 0.3%, allowing it to cross $1.345 for the first time since the end of September, while against the euro, sterling has climbed 0.4% to a fresh 3 week high.

This, alongside the pre-OPEC meeting jitters of the oil sector, helped drag the FTSE another 0.4% lower. That means the index has shed all of its Royal Dutch Shell (LON:RDSb) -driven growth seen on the Tuesday, its foray above 7400 once again wilting in the face of the pesky pound.

Elsewhere it was a very mixed morning for the pub sector, with both Greene King (LON:GNK) and Marston’s (LON:MARS) reporting. The former quickly became one of the day’s worst performers, sinking 6% to a fresh 5 and a half year nadir after higher costs forced its first half pre-tax profit 8% lower to 127.9 million.

The reaction to Greene King’s interim results was likely made worse by the comparatively perky state of rival Marston’s own annual report. The Hobgoblin-brewer revealed a 2.9% rise in underlying pre-tax profit to £100.1 million and a 9.5% surge in underlying revenue, aided by the recent acquisition of the Charles Wells Beer Business. This helped send Marston’s more than 10% higher, lifting it from its recent lows to a £1.15-crossing 2 month peak.

Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.

In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under licence number."

Original post

Spreadex

Related Articles

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Discussion
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 中文 香港 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes

+