Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBurberry Share News (BRBY)

Share Price Information for Burberry (BRBY)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1,142.00
Bid: 1,144.00
Ask: 1,144.50
Change: -8.50 (-0.74%)
Spread: 0.50 (0.044%)
Open: 1,148.00
High: 1,162.50
Low: 1,142.00
Prev. Close: 1,142.00
BRBY Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET MIDDAY: Stocks Rise As Moderna Gives Markets Injection

Wed, 15th Jul 2020 12:11

(Alliance News) - Stocks in London were higher at midday on Wednesday as investors cheered positive news from one of the companies leading the charge in the fight against Covid-19.

Hopes rose when US biotech firm Moderna said late Tuesday that it will start the final stage of human trials for its vaccine candidate later this month after promising results from earlier testing. The vaccine produced antibodies in all 45 patients who received two injections 28 days apart in March, said the study published in the New England Journal of Medicine.

The Cambridge, Massachusetts-based firm is considered to be in a leading position in the global race to find a vaccine, and while its study should run until October 2022, preliminary results should be available long before then.

Anthony Fauci, the top US infectious disease expert, described the early results as "encouraging".

The FTSE 100 index was up 82.92 points, or 1.3%, at 6,262.67. The mid-cap FTSE 250 index was up 232.44 points, or 1.4%, at 17,407.13. The AIM All-Share index was up 7.55 points, or 0.9% at 874.10.

The Cboe UK 100 index was up 1.5% at 624.68. The Cboe 250 was up 1.4% at 14,734.10, and the Cboe Small Companies was up 0.1% at 9,160.40.

In mainland Europe, the CAC 40 in Paris was up 1.7%, while the DAX 30 in Frankfurt was up 1.5%.

OANDA analyst Craig Erlam said: "Stock markets have been given another lift this morning by another promising vaccine trial, this time from Moderna, as the race to be the first to market intensifies. It goes without saying that a vaccine will be the gamechanger in the pandemic, the thing that will allow life to return to normal and businesses and households to thrive once again. So it's hardly surprising that investors get a little excited when the results of these trials emerge, even those in the early stages."

On the London Stock Exchange, 3i Group was among the best blue-chip performers up 5.2% after Exane BNP started coverage on the private equity investor with an Outperform rating.

Glencore was up 3.5% after Goldman Sachs started coverage on the miner and commodities trader with a Buy rating.

At the other end of the large-cap index, Burberry Group was the worst performer, down 5.5% after the fashion house said sales in the first quarter took a severe hit, as demand for luxury goods was dealt a blow due to the coronavirus pandemic.

For the period ending June 27, retail revenue was down 48% to GBP257 million from GBP498 million in the first quarter of 2019. Comparable sales declined 45% in the first quarter, but eased to a 20% decline in the month of June as lockdown restrictions became less stringent.

The luxury retailer expects the second quarter to end of September to continue to suffer from the pandemic. In retail, it said, tourist flows are likely to remain negligible, and store operations are continuing to face significant pressures, with some remaining closed and operating with reduced trading hours.

Burberry expects retail sales performance to decline by 15% to 20% in the second quarter. In wholesale, it is collaborating with partners to protect the brand and as a result, anticipates first-half sales to fall around 40% to 50%.

It added that it expects its first-half gross margin to decline by between 200 and 300 basis points annually, but operating expenses to be cut by "mid-teens percentage".

Asia-focused banks HSBC Holdings and Standard Chartered were down 1.5% and 1.3%, respectively, after US President Donald Trump on Tuesday stripped Hong Kong of preferential trade treatment.

Trump also authorized sanctions on banks over China's clampdown in the financial hub, infuriating Beijing which vowed to retaliate. In a discursive news conference dominated by attacks on his domestic rivals, Trump declared himself to be the toughest president ever on China, a country he is increasingly positioning as his nemesis ahead of November elections in the US.

Trump announced that he had issued an executive order on Hong Kong as he predicted decline for the city, on which Beijing recently imposed a tough new security law. China on Wednesday vowed to retaliate, saying the Hong Kong Autonomy Act "maliciously slanders" its legislation in Hong Kong.

On AIM, ASOS was down 3.2% after the online fashion retailer said total retail sales in the four months to June were GBP983.3 million, up 10% on a year before. However gross margin was down by 70 basis points. The company expects full-year pretax profit to be at the top end of market expectations.

ASOS has dropped a slew of suppliers after unearthing health, safety and human rights threats, the Daily Telegraph reported late Tuesday. According to the newspaper, a leaked 2018 report states that ASOS inspectors had found a series of breaches at roughly a quarter of its suppliers, include some sites in the UK.

The Telegraph added that since then, ASOS has ditched several factories. One supplier in the UK that ASOS has ditched is based in Leicester, a city that has been at the heart of allegations involving peers Boohoo and Quiz, according to the newspaper.

Boohoo and Quiz shares were down 2.0% and up 2.3% respectively.

The pound was quoted at USD1.2621 Wednesday midday, up from USD1.2547 at the London equities close Tuesday, following a marginally better than forecast UK inflation reading.

UK consumer prices nudged up in June but cheap energy kept the annual inflation rate subdued, according to the latest figures from the Office for National Statistics.

The annual inflation rate ticked up to 0.6% in June from 0.5% in May, beating consensus, according to FXStreet, of 0.4%.

Food prices rose 1.0%, while alcohol notched a 1.4% increase. Clothing prices fell 2.2%, however. Fuel prices remained a drag, with gas prices down 12% on a year before, and liquid fuels down 35%. Prices of fuels & lubricants slipped 16%.

Economists said that price increases for toys and video games were a particular driver for the return to inflation growth, with price rises for computer games and consoles during the lockdown.

"Inflation is a key indicator for future economic growth and while it remains low, the 0.1% increase we see today will provide some welcome encouragement for investors. In the first month, non-essential retailers were allowed to start reopening, areas like clothing and recreation saw growth as hoped, and were significant contributors to the increase. Meanwhile, food had a downward contribution, no doubt as shops and cafes laid on discounts in order to entice people back through their doors," said Richard Pearson, director at investment platform EQi.

The euro was changing hands at USD1.1431, up from USD1.1403 at the European equities close Monday. The single currency hit an intraday high of USD1.1444 against the greenback in early trade - its highest level in four months.

Analysts at OFX explained: "The euro rose to a four-month high against the US dollar this morning on hopes that European Union leaders may agree on stimulus and deepening fiscal integration to shield the economy from the pandemic. At a summit later this week, the European Union could agree a rescue financing package that will limit the economic damage to the bloc from the coronavirus pandemic.

"Germany, France and Italy have all taken severe lockdown steps and as a result, the coronavirus now appears to be under control with a gradual recovery in the economy, which has given investors solace with the single currency."

Against the yen, the dollar was trading at JPY106.91, down from JPY107.21 in London. The dollar remained on the back foot after risk-on sentiment from the Covid-19 vaccine development prevailed.

Brent oil was trading at USD43.05 a barrel Wednesday morning, flat from USD43.10 at the London close Tuesday. The market awaits direction from a meeting later in the day on the future level of production by OPEC and its allies.

Gold was quoted at USD1,807.10 an ounce, flat against USD1,808.60 late Tuesday.

Stocks in New York look set for a higher open. The DJIA was called up 1.0%, the S&P 500 index up 0.8% and the Nasdaq Composite up 0.5%.

Goldman Sachs will report second-quarter results early Wednesday, following banking peers JPMorgan Chase and Citigroup on Tuesday. Deutsche Bank expects second-quarter earnings per share of USD3.70 from Goldman Sachs, above consensus at USD3.38.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
17 Nov 2023 09:55

LONDON BROKER RATINGS: Shore cuts Sage; Barclays raises NatWest

(Alliance News) - The following London-listed shares received analyst recommendations on Friday and Thursday.

Read more
17 Nov 2023 07:33

RBC Capital cuts Burberry price target after sales warning

(Sharecast News) - RBC Capital Markets cut its price target on Burberry on Friday to 1,700p from 1,900p after the luxury fashion brand's sales warning a day earlier.

Read more
16 Nov 2023 16:59

LONDON MARKET CLOSE: Stocks give way after rate optimism-fuelled rally

(Alliance News) - European equities closed lower as a post-US inflation slowdown rally seen on Tuesday and Wednesday gave way to a more muted session on Thursday.

Read more
16 Nov 2023 16:25

Sector movers: Stocks slip amid poor company results on either side of the Pond

(Sharecast News) - Stocks gave back some ground on Thursday, partly due to many names going ex-dividend, but the downdraft in shares of Burberry highlighted the difficult trading conditions faced by some companies operating in China and the U.S., the world's two largest economies.

Read more
16 Nov 2023 15:45

London close: Stocks sink after three days of gains

(Sharecast News) - London markets ended in negative territory on Thursday, reversing a three-day winning streak.

Read more
16 Nov 2023 12:06

LONDON MARKET MIDDAY: Stocks down as post-inflation data rally fades

(Alliance News) - Stock prices in London were down at midday on Thursday, with mixed corporate updates tempering enthusiasm in the wake of two favourable inflation readings earlier in the week.

Read more
16 Nov 2023 09:06

TOP NEWS: Burberry warns of sales hit from slowdown in luxury demand

(Alliance News) - Burberry Group PLC shares fell on Thursday, after the British fashion house said it is unlikely to achieve its annual revenue guidance amid a slowdown in luxury demand globally.

Read more
16 Nov 2023 08:57

LONDON MARKET OPEN: FTSE 100 flat; Burberry tumbles on weak outlook

(Alliance News) - Stock prices in London opened in a muted fashion on Thursday, as the week's optimism waned somewhat, but did not give way to pessimism.

Read more
16 Nov 2023 07:47

LONDON BRIEFING: Burberry cuts guidance; Mars to buy Hotel Chocolat

(Alliance News) - Stocks in London are called flat on Thursday, as Asian markets succumb to profit taking after recent gains.

Read more
16 Nov 2023 07:20

Burberry hit by luxury slowdown as China sales drop in Q2

(Sharecast News) - British high-end fashion giant Burberry has warned that the slowdown in luxury demand is having an impact on current trading and could affect full-year sales, as it reported a huge deceleration in sales growth in the first half.

Read more
15 Nov 2023 12:09

Thursday preview: Philly Fed index, Fedspeak and Burberry in focus

(Sharecast News) - Investors' attention on Thursday will be trained on the U.S. where raft of economic indicators were due out.

Read more
15 Nov 2023 08:56

TOP NEWS: Reckitt promotes Darroch to chair as Sinclair leaves

(Alliance News) - Reckitt Benckiser Group PLC on Wednesday said its Chair Chris Sinclair plans to retire, having completed his full nine-year term at the company.

Read more
9 Nov 2023 15:44

UK earnings, trading statements calendar - next 7 days

Friday 10 November 
Allianz Technology Trust PLCQ3 Results
Wheaton Precious Metals CorpQ3 Results
Monday 13 November 
Bank of Cyprus Holdings PLCQ3 Results
British Land Co PLCHalf Year Results
Kainos Group PLCHalf Year Results
Team Internet Group PLCQ3 Results
Tuesday 14 November 
ActiveOps PLCHalf Year Results
Babcock International Group PLCHalf Year Results
Bank of Georgia Group PLCQ3 Results
Castings PLCHalf Year Results
ConvaTec Group PLCTrading Statement
DCC PLCHalf Year Results
Forterra PLCHalf Year Results
Gear4Music PLCHalf Year Results
Genel Energy PLCTrading Statement
HydrogenOne Capital Growth PLCQ3 Results
Hill & Smith PLCTrading Statement
Imperial Brands PLCFull Year Results
Informa PLCTrading Statement
Land Securities Group PLCHalf Year Results
Oxford Instruments PLCHalf Year Results
Picton Property Income LtdHalf Year Results
Renalytix PLCQ1 Results
Vesuvius PLCTrading Statement
Vodafone Group PLCHalf Year Results
Wise PLCHalf Year Results
Wednesday 15 November 
Diversified Energy Co PLCTrading Statement
Experian PLCHalf Year Results
Fuller, Smith & Turner PLCHalf Year Results
Genuit Group PLCTrading Statement
Intermediate Capital Group PLCHalf Year Results
Ninety One PLC and LtdHalf Year Results
Renold PLCHalf Year Results
SSE PLCHalf Year Results
Synthomer PLCTrading Statement
Tracsis PLCFull Year Results
Tullow Oil PLCTrading Statement
Warehouse REIT PLCHalf Year Results
Thursday 16 November 
Assura PLCHalf Year Results
Atalaya Mining PLCQ3 Results
Aviva PLCTrading Statement
Burberry Group PLCHalf Year Results
Close Brothers Group PLCTrading Statement
CMC Markets PLCHalf Year Results
Crest Nicholson Holdings PLCTrading Statement
Halma PLCHalf Year Results
Great Portland Estates PLCHalf Year Results
Kier Group PLCTrading Statement
International Distributions Services PLCHalf Year Results
Investec PLC and LtdHalf Year Results
Liontrust Asset Management PLCHalf Year Results
Manolete Partners PLCHalf Year Results
Melrose Industries PLCTrading Statement
Norcros PLCHalf Year Results
Premier Foods PLCHalf Year Results
Qinetiq Group PLCHalf Year Results
Spirax-Sarco Engineering PLCTrading Statement
Syncona LtdHalf Year Results
Tatton Asset Management PLCHalf Year Results
Tyman PLCTrading Statement
United Utlities Group PLCHalf Year Results
Young & Co's Brewery PLCHalf Year Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

Read more
24 Oct 2023 09:29

LONDON BROKER RATINGS: Barclays ups Rio Tinto; Liberum likes Indivior

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

Read more
24 Oct 2023 07:55

LONDON BRIEFING: Barclays quarterly income rises, but profit falls

(Alliance News) - Stocks in London are expected to edge into the red on Tuesday, as investors look ahead to the latest series of flash PMI prints from major economies.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.