Good morning from London where the FTSE 100 is down in early trading, and its Rightmove that’s the biggest loser so far.
The UK’s favourite property website is down around 5%, hit by a downgrade from JPMorgan. The investment bank has downgraded Rightmove to ‘underperform’ from ‘neutral’ on the grounds that its costs for maintaining best in class user experience are on the rise.
Also rising today is Ocado’s share price, it’s a typically volatile one and today is no exception. Ocado is up around 5% after its retail joint venture with Marks & Spencer, Ocado Retail, reported record Christmas trading. Looking ahead, the firm said it has confidence that the business will continue its encouraging momentum over the coming year, growing sales volumes ahead of the market.
Card Factory (LSE:CARD) also had a good Christmas from the look of it, though you wouldn’t know it from looking at their share price. They’re saying this morning that profits this year will be at the top of market forecasts. Chief Executive Darcy Willson-Rymer said that “Even during challenging times, consumers want to celebrate key life moments and this was reflected in the positive performance that we saw in the Christmas trading period”
If that’s not enough to warm the cockles of your heart on a freezing winter morning then perhaps my interview later today with the CFO of UK infrastructure company Galliford Try will do the trick. Stay tuned for that and much else besides, have a great day.
