It’s a relatively quiet day in terms of UK corporate news but rising hopes that the war the US launched on Iran may be coming to a close has provided some direction. This would be seen as a boon for the global economy so mining stocks have been finding support in early trade. Leading the FTSE-100 shortly after the open was the Antofagasta share price, which was up more than 4%. Fresnillo also found support, whilst the major oil companies such as BP and Shell were both foundering, each trading around 2% lower.
The mail order wine company issued a trading update this morning which highlighted market share gains and good progress against strategic objectives, but also recognised the impact of the worsening macroeconomic backdrop on consumer demand. As a result, revenue forecasts for the full year were trimmed, whilst pre-tax losses are now estimated to hit £1.5m, worse than the £1m which had been previously guided. The company remains debt free and the balance sheet is strong but the Virgin Wines share price was down 14% in early trade.
The fast fashion retailer updated the market this morning, advising that it had found a tenant for its US distribution centre which is now redundant but has 8.5 years remaining on the lease. That should result in a £40m exceptional credit hitting the H1 accounts, whilst the company is also guiding other lease costs as falling in the medium term. The Boohoo share price was trading up almost 9% by 8.30am.
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