Supermarkets in the UK are gaining today after Dalton Philips, the Chief Executive of Morrison, is stepping down. He has been labeled with poor performance and for halving profit. The board released that they plan to return the business to growth and restore its lost trading momentum. Currently, WM Morrison Supermarkets is up 4.18%, Tesco PLC is up 3.76% and J Sainsbury is up 3.5%.
Once again, the market is being hit by falling oil prices. WTI crude has dropped to its lowest price since March 2009 as the supply gut seems to continue. Goldman Sachs cut their forecast for 2015 from $73.75 to $47.15 hitting sentiment further. Societe Generale SA also lowered their forecast and estimated that the average oil price for 2015 will be $51/ barrel. Consequently, energy shares are falling. In the Dow Jones, for example, Exxon closed with a 1.92% loss and Chevron closed with a 2.15% loss. This sentiment continued today and in the FTSE, Tullow Oil is currently down 4.34%.
January 13, 2015 – Stock Market News
Supermarkets in the UK are gaining today after Dalton Philips, the Chief Executive of Morrison, is stepping down. He has been labeled with poor performance and for halving profit. The board released that they plan to return the business to growth and restore its lost trading momentum. Currently, WM Morrison Supermarkets is up 4.18%, Tesco PLC is up 3.76% and J Sainsbury is up 3.5%.
Once again, the market is being hit by falling oil prices. WTI crude has dropped to its lowest price since March 2009 as the supply gut seems to continue. Goldman Sachs cut their forecast for 2015 from $73.75 to $47.15 hitting sentiment further. Societe Generale SA also lowered their forecast and estimated that the average oil price for 2015 will be $51/ barrel. Consequently, energy shares are falling. In the Dow Jones, for example, Exxon closed with a 1.92% loss and Chevron closed with a 2.15% loss. This sentiment continued today and in the FTSE, Tullow Oil is currently down 4.34%.
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