Three things you need to know in the financial markets this morning from investment writer, Tony Cross
J Sainsbury has published a statement today declaring that it will no longer pursue a merger with Asda. The competition regulator had objected to the idea, unhappy with the market share that the combined entity would have. Assurances offered over pricing didn’t prove sufficient but given the lacklustre performance of the share price in recent years, questions will likely be asked once again over CEO Mike Coupe’s future.
Taylor Wimpey has published a trading statement ahead of its AGM which will be held later today. There are no real surprises here, although the impact of inflationary pressures on materials is being seen. The order book for the year to date is around 10% higher than it was in 2018 and shareholders look set to receive a sizable 32% uplift in dividends.
Carpetright has published a trading update this morning, which is in line with expectations and shows that the company continues its turn around from the dire situation it found itself in a year ago. Confidence is returning after the restructuring, a strong performance in the Netherlands is noted, whilst the company remains on track to realise annualised cash savings of £19 million.