The FTSE 100 Index was able to make gains today despite grim updates from a string of retailers.
Announcements from some of Britain’s best-known chains highlighted how the weather and tough trading conditions had affected their performance, but hopes the faltering world economy would trigger more stimulus measures from central banks led London’s top index to rise 28.4 points to 5,714.2.
B&Q owner Kingfisher was among the top flight fallers after a 0.4% drop in like-for-like sales in the 10 weeks to July 7. Shares fell 3.6p to 271.6p.
Shares in JJB Sports were back on the slide, falling 1.8p to 5.7p, after admitting that poor trading meant it would need to tap strategic partners for more funding.
Other retailers’ stocks fared better – Halfords issued a profits warning and said its chief executive David Wild had stepped down after like-for-like sales slumped 7.5% in the first quarter of its financial year, but shares rallied 4% or 8.4p to 205.8p.
Mothercare was also higher, climbing 9.5p to 214.8p, as it offset a 6.7% drop in UK like-for-like sales by reporting strong sales growth overseas.
Meanwhile, Lloyds Banking Group was also among the risers after it announced a deal with the Co-operative Group to sell the 632 branches it was ordered to offload after taking a bail-out. Shares were up 0.5p at 30.2p.
The biggest Footsie risers were Burberry up 57p at £12.89, Royal Bank of Scotland ahead 8p at 212.3p, Schroders up 41p at £13.73, and Arm ahead 13.5p at 491.6p.
Among the biggest Footsie fallers were BG Group down 27.5p at £12.90, Randgold Resources off 75p at £56.35 and Vodafone off 2.2p at 183.1p.
David Barclay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted that Hunting was on the risers board after the shares added 5.18% to close at 760p. Cairn Energy increased 3.56% at 284.4p and Weir Group gained 2.28% at £15.25.
Fallers included Faroe Petroleum, which faded 1.9% to 142.625p. Meanwhile, Aberdeen Asset Management also finished the day in negative territory, losing 0.61% at 258.9p.
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