FTSE movers of the week
Housebuilders gain while Next slumps
by Abi Moses on 5th January, 2017
With the year getting of to a shaky start, it seems clear movements are now being made, with the Housebuilding sector on the increase, with retail drags behind. Encouraging the index to close in a positive state on Tuesday, enjoying record numbers going into Wednesday.
Next steps for Next
Just yesterday, Shares in Next slumped after the retailer reported falling sales, seeing many investors sell off shares due to the firm's uncertain future. Prices dived a substantial 14% following findings that sales sell 0.4% during the run up to Christmas, a period that is infamously successful for those in the retail space. Hiding nothing when it comes to the state of their books, Next also indicated that this struggle would not be ending soon, with 2017 being "another challenging year" according to the firm.
Encouraging a rippling effect, the news of these struggles saw share prices of other retailers plummet, with M&S down 6.1% and Primark owner Associated British Foods dropping 3.7%.
While Brexit harmed the Housebuilder sector somewhat, it seems businesses in the space are picking up, with share process rising over the past week. Helping to bolster the index Barratt Developments rose 4%, while Persimmon and Taylor Wimpey were 2.8% and 3.8% higher respectively.
Recapping on the week, Retuers writes:
'The bluechip FTSE 100 index .FTSE closed 0.17 percent higher at 7,189.74 points, having touched an all-time high of 7,205.45 in the previous session.'
'Next hit a two-month low and closed 14.4 percent weaker after the retailer cut its profit guidance for the current financial year and warned on the outlook, highlighting "exceptional" levels of uncertainty in the sector.'
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