London pre-open: Stocks seen up after upbeat US session; retail sales slump
Sharecast
Published Jan 19, 2024 07:30
Updated Jan 19, 2024 07:41
London pre-open: Stocks seen up after upbeat US session; retail sales slump
Sharecast - The FTSE 100 was called to open 15 points higher at 7,474.
CMC Markets analyst Michael Hewson said: "Last night’s solid US session along with a rebound in oil prices looks set to translate into a positive open for European markets, although any gains today are unlikely to reverse what looks set to be another weekly decline for European markets."
Figures released earlier by the Office for National Statistics showed that retail sales volumes fell 3.2% on the month in December following a 1.4% increase the month before. This marked the worst decline since January 2021 and was much bigger than the 1% drop forecast by economists.
Heather Bovill, deputy director for surveys and economic indicators at the ONS, said: "Food stores performed very poorly, with their steepest fall since May 2021 as early Christmas shopping led to slow December sales.
"Department stores, clothing shops and household goods retailers reported sluggish sales too as consumers spent less on Christmas gifts, but had also purchased earlier during Black Friday promotions, to help spread the cost.
"The longer-term picture remains subdued, with quarterly sales dipping, while annual sales volumes fell for the second consecutive year, to their lowest level in five years."
In corporate news, Sébastien de Montessus, the former chief executive of Endeavour Mining (LON:EDV) who was abruptly sacked earlier this month for serious misconduct, is to miss out on $17.6m in bonuses and share awards, the FTSE 100 miner announced late on Thursday.
Furthermore, the company said it is clawing back an additional $11.5m in share awards and bonuses paid in respect of the past three years' service.
Promotional merchandise maker 4imprint Group (LON:FOUR) said it expected annual earnings to be slightly above forecasts after a strong trading performance during 2023.
Group revenue was forecast to rise 16% to $1.33bn with pre-tax profit of at least $140m, slightly above the upper end of the current range of analysts' forecasts and 2022’s $104m.
Cash and bank deposits at the 2023 year-end were $105m, up from $87m.
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