FTSE 100 index adds 55 points
AB Foods dips after price target cut
Compass shrugs off broker downgrade
11.00am: Stocks rise on hopes of lowering of US-Mexican trade tensions
As the countdown to the release of May’s US jobs data continues, London’s index of leading shares was steadily extending its advance.
The FTSE 100 was up 55 points (0.8%) at 7,315 as it joins in with the general feel-good mood surrounding the simmering trade war between the USA and Mexico.
Although the trade war is still simmering it is doing so on a lower gas setting if reports are to be believed, which probably accounts for why the futures market is pointing to an 80 point gain for the Dow Jones when it opens this afternoon.
The only problem with that scenario is that between now and then the US non-farm payrolls numbers for May are due out and few economic indicators have more power than US jobs data to move the market.
In London, Primark owner () was moving against the trend, dipping 10p to 2,505p after RBC Capital Markets lopped a quid off its price target for the stock, which now stands at 2,900p.
Contract caterer PLC () shrugged off a downgrade by the same broker, rising 10p to 1,836p. RBS has downshifted to “sector perform” from “outperform”.
$TSL ThinkSmart says its net asset value per share is about 16p. Market says the shares are worth 6p, which at least is 4.4% higher than last night’s closing share price. https://t.co/dQIZRJJRtz via @proactive_uk #TSL #brighterir #AndrewScottTV #CapitalNetwork1
— John Harrington (@JournoJohnH) June 7, 2019
After dropping a heavy hint in a trading update about how undervalued it is, digital payments technology Thinksmart Limited’s () shares soared 65% to 9.5p; according to the , that’s still 6.5p or so below the net asset value per share of ThinkSmart.
9.45am: Optimism over US tariffs fires up global markets
So far, so…