FTSE Makes Modest Gains on Burberry Strength

After a difficult day of trading on Tuesday, the FTSE 100 made some gains on Wednesday, recovering from those losses thanks to the strength of Pearson and M&S.

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shareprices.com - Wednesday, July 12, 2017

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The FTSE 100 regained 41 points during the early hours of trading, with Pearson and Mark & Spencer both remaining out of favour for another day. Pearson PLC continued its losses as the city as a whole remained anxious about the company’s future prospects, questioning the wisdom of selling off revenue makers in a bid to boost their short term income, when their long term dividends could be under threat.

Meanwhile, Burberry Group showed some strength as it appears that their luxury clothing is back in favour in China. Like for like sales were up by four percent, which is better than analysts expected for the first financial year. The company say that they have seen some of their top customers returning and the Chinese are spending more and more.

Retail sales on the mainland were significantly up, and sales in Hong Kong are starting to improve after a rough period. Meanwhile, sales are still strong at home but there has been a drop in their total sterling sales because of the strength of the US dollar. However, overall, retail sales are up by four percent for the period, giving hope that the company may be on the verge of a successful turnaround, after a period during which the rich had proven to be unwilling spenders.

 

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