Proactive Investors -
- FTSE 100 53 points higher
- Retail sales beat expectations
- Blue chips at 12-month high
Waitrose puts 500 jobs at risk as it closes warehouse
More than 500 Waitrose workers are at risk of losing their jobs as the supermarket prepares to close its Enfield warehouse.
It comes just four years after it was opened as part of a £100 million investment into the group's online grocery delivery operations.
John Lewis Partnership, which owns Waitrose, said it was closing the site due to rising rental costs and the fact the lease was set to expire next year.
Waitrose is expected to save around £8.7 million, with 545 workers having been viewed as having "no suitable alternative employment".
Oil prices edge lower
Oil prices tipped lower for a third consecutive day as the prospect of future interest rate cuts boosted the dollar.
Brent Crude, was down marginally at US$86 per barrel this morning, meaning prices have dipped 2% in as many days.
The dollar was lifted on Thursday after the Bank of England issued dovish statements regarding the prospect of future interest rate cuts, echoing the Fed's message from Wednesday.
Han Zhong Liang, investment strategist at Standard Chartered (LON:STAN), said: “We expect oil markets to remain tight in the short term, while geopolitical risks are also likely to create some bouts of volatility.”
Issa Brothers turn off hundreds of Asda EV charging points
The Issa brothers have turned off over one hundred EV charging points at Asda stores highlighting that more cracks in their debt-laden empire are beginning to show.
RAC research found the number of electric vehicle charging points at Asda slipped by over two-thirds from 165 at the start of 2023 to just 46.
Mohsin and Zuber Issa, who also own the petrol forecourt company EG Group, began reducing the number of points after it exited a partnership with BP (LON:BP) Pulse, and EV charging firm.
With only 22 Asda stores offering working charging points, the supermarket is the only major competitor to have reduced its numbers, with Tesco (LON:TSCO) and Morrisons both investing heavily in growing its network.
FTSE 100 sets sights on all-time high
The FTSE 100 is smashing all of its recent peaks to find itself at a 13-month high as it nears all-time highs of more than 8,000 - the last time being in February 2023.
Up 75 points, the blue-chip index is hovering around 7,958, and barring any sharp declines today, it could be on track to reach all-time highs next week.
Russ Mould at AJ Bell said: "“After a stunning session on Thursday, the FTSE 100 continued its ascent at the end of the trading week. Little by little it is edging back towards the 8,000 mark.
"Risk appetite is increasing; corporates are slowly becoming more upbeat and people are making money. That environment is favourable for equity markets and it certainly helps that AI darling Nvidia (NASDAQ:NVDA) continues to enjoy a rising share price – its investor-favourite status implies that if its shares are moving higher, sentiment will stay positive."
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