Comment: Promising Housing News, Positive UK CPI; Privatisation Pangs for Royal Mail
March 25, 2014 8:41 am
Markets were up this morning after a number of positive announcements, starting with international building materials supplier Wolseley Plc, which reported a significant pre-tax profit on the strength of its UK and US business. This helped to alleviate fears on behalf of some that the recently announced Federal Reserve plans to raise the interest rate would negatively affect the US Housing Market. Kingfisher, owner of B&Q, also announced profits of 4.1% on an adjusted basis, with sales for the UK and Ireland up 1.1% on a like-for-like basis.
Meanwhile, Easyjet has lowered its pre-tax loss prediction from the £70-£90 million range to the £55 – £65 million range, after a mild winter led to fewer maintenance costs.
The good news continued as the UK Office for National Statistics has announced that the Consumer Price Index rose 1.7% Year-on-Year in February, meaning that inflation is at its lowest since November 2009.
However, there were grimmer tidings today for high street pawn broking chain Albemarle & Bond, which has filed for administration after an attempted sales process failed in late January. Similarly, the recently-privatised Royal Mail announced its intention to shed 1,300 jobs; the firm claims that these cuts will save £50 million a year.
Markets were up this morning after a number of positive announcements, starting with international building materials supplier Wolseley Plc, which reported a significant pre-tax profit on the strength of its UK and US business. This helped to alleviate fears on behalf of some that the recently announced Federal Reserve plans to raise the interest rate would negatively affect the US Housing Market. Kingfisher, owner of B&Q, also announced profits of 4.1% on an adjusted basis, with sales for the UK and Ireland up 1.1% on a like-for-like basis.
Meanwhile, Easyjet has lowered its pre-tax loss prediction from the £70-£90 million range to the £55 – £65 million range, after a mild winter led to fewer maintenance costs.
The good news continued as the UK Office for National Statistics has announced that the Consumer Price Index rose 1.7% Year-on-Year in February, meaning that inflation is at its lowest since November 2009.
However, there were grimmer tidings today for high street pawn broking chain Albemarle & Bond, which has filed for administration after an attempted sales process failed in late January. Similarly, the recently-privatised Royal Mail announced its intention to shed 1,300 jobs; the firm claims that these cuts will save £50 million a year.
Related Posts: