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Tuesday,20 September 2022 at 16:04

B&Q owner Kingfisher reported a fall in first-half profits against a tough comparator last year when DIY boomed during pandemic lockdowns and now amid a more uncertain macroeconomic environment.
The company said pre-tax profits for the six months to July 31 fell by a third to £474m, while like-for-like sales were down 4.1%.
Kingfisher, which also owns Brico Depot in France, said it now expected full-year adjusted pre-tax profit of £730m - £770m having run several scenarios to account for a more volatile economic environment.

UK and European markets closed lower, losing momentum after Europe's previous session’s broadly higher trade.

U.S. stocks barrelled lower as investors prepared for Federal Reserve officials to deliver another jumbo rate hike in their fight against persistent inflation.

Oil prices dipped on the spectre of an economic slowdown and accompanying drop in fuel demand.

Gold priced lower.

At the close
FTSE 100 7,192 (-0.61%)
FTSE 250 18,528 (-1.43%)
DAX 12,670 (-1.03%)
At 16:45
Dow Jones 30,680 (-1.10%)
S&P 500 3,858 (-1.07%)
NASDAQ 11,461 (-0.64%)
Fixed Income
UK 10-YR YIELD 3.299
Exchange Rates
GBP/USD 1.140
GBP/EUR 1.140
Gold $1,665 (-0.61%)
Brent $90.08 (-1.77%)
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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