London pre-open: Stocks seen up as investors mull retail sales

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Pre-open Market Report
06:33, 23rd July 2021

(Sharecast News) - London stocks were set to rise at the open on Friday as investors mull the latest UK retail sales data.
The FTSE 100 was called to open 18 points higher at 6,986.

Data released earlier by the Office for National Statistics showed retail sales rose between May and June, helped along by the Euros. Sales were up 0.5%, coming in a touch above consensus expectations for 0.4% growth.

Compared with their pre-pandemic February 2020 levels, sales were 9.5% higher.

ONS director of Economic Statistics Darren Morgan said: "June's retail sales have picked up again following the dip seen last month, with the main driver coming from food and drink sales, boosted by football fans across Britain enjoying the Euros.

"Although not quite back to their pre-pandemic level, fuel sales rose again this month, as people increased the amount they travel so are spending more at the pump."

In corporate news, telecoms operator Vodafone reported a rise in first-quarter revenue as European and African services returned to growth.

The company said total revenue grew 5.7% to €11.1bn with Europe mobile churn 1.6 percentage points lower than the same period last year, although commercial activity had yet to return to pre-pandemic levels.

Elsewhere, Mr Kipling owner Premier Foods said full-year adjusted pre-tax profit was set to be at the top end of its expectations after "a very encouraging start to the year".

The company said group sales in the first quarter were up 6.3% versus two years ago, at the top end of its expectations, with branded sales 9.3% higher.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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