Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
DFS Furniture
There’s an upbeat trading statement out from DFS Furniture LON:DFS this morning, noting that sales over the last six weeks are running significantly ahead of expectations. The company suggests there are three drivers here – consumers spending disproportionately more on their homes, latent demand as a result of the lockdown and also the strength of the company’s digital offering, It’s not all plain sailing from here however, with the risk of further COVID uncertainty and the prospect of Brexit impacts both having the potential to take a toll on the business in the coming months. For now however perhaps something to cheer.
AstraZeneca
AstraZeneca LON:AZN has issued a note regarding a COVID-19 prevention and treatment therapy. The first participants have been ‘dosed’ in a phase I trial so clearly this is relatively early stage work, but if the medicine is tolerated by patients (there are only 48 of them) then the move to bigger trials will be able to proceed.
PetroNeft Resources
AIM listed PetroNeft Resources [LON:PTR], the Siberian oil producer, has updated the market this morning. The company notes that its production is currently up by around 17% from July 2019 levels, whilst an improvement in market conditions is also being lauded. Management is attributing the improved output to the field optimisation programs which started last year and indicates that other low-cost options to realise further gains here may be used in due course.
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