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After shedding a chunk of its post-May Brexit speech growth during yesterday’s trading the pound has made some mild gains this morning, rising 0.1% against the dollar and 0.3% against the euro (the latter presumably a bit jittery ahead of the day’s ECB get-together). This, of course, was bad news for the FTSE, which slipped back by 0.1% as the session got underway.

While not as ‘super’ as last Thursday’s deluge of retail updates, this morning still brought with it a decent selection of trading statements. Most pertinent to the FTSE was the third quarter report from Royal Mail. Despite striking a largely positive tone, with parcel revenue and volumes rising 3% and 2% respectively over Christmas, investors weren’t impressed with the company’s performance, sending the stock nearly 4.5% lower following news revenue was flat for the 9 months to December.

A similarly negative response greeted Pets At Home’s Q3 update, the company dropping more than 6.5% after posting a softer than expected 0.1% rise in like-for-like sales thanks to weak trading in its Merchandise division. Better were the reports from Halfords and The former rose 7.5% after revealing comparable sales growth of 7% over Christmas, double what was forecast, alongside a special dividend of 10p per share; the latter, meanwhile, jumped 10% as fourth quarter group revenue surged by 20% year-on-year.

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Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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