FTSE 100 Competition Results week 5

FTSE_100_WEEK_FIVE_RESULTS.pdf

The index opened on Monday at 7682 and closed on Friday at 7660. 

In Budget week the UK’s top stocks moved little although there were big gains and losses for some individual companies. The Chancellor Jeremy Hunt delivered his Spring Budget statement, including measures to boost investment in the City.  The FTSE 100 was relatively steady following the speech, indicating that there were no major surprises.

At the start of the week the FTSE 100 was dragged lower by retailers as new figures showed shoppers continuing to cut back. Figures from accountancy group BDO showed sales fell in February compared with the year before for the fifth month in a row. It marks the longest downturn since 2020, when shops were closed during the Covid-19 pandemic. Under-pressure retailers are facing weaker demand from consumers, as well as delays and higher costs caused by disruption to shipping in the Red Sea, BDO said.

As a consequence Ocado Group tumbled by more than 8% at one stage but lost 5.8% in the week. The previous week they lost almost 10% as well. Retailers Kingfisher and Burberry also took dents in their share price although Next fared not so badly.

On Thursday the FTSE 100 reached its highest level for almost two weeks after the European Central Bank’s decision to hold interest rates again but significantly reduce its inflation and GDP forecasts.

DS Smith agreed a deal with rival Mondi  to create a £10bn packaging giant. While DS Smith’s shares rose 4.8%, Mondi lost ground, down -4.5% week on week. 

Last week’s top performer Standard Chartered with a 8.8% gain dropped back 5.1% this week.

Best performers this week:-
ConvaTec Group +14.2% (profits surge lifts colostomy bag maker)
Rentokil Initial plc +12.1% (pest controller gains on strong results)
Endeavour Mining plc +10.4% (miner boosted by soaring gold prices)
Intertek Group plc +8.2% (takeover and profits rise helps testing firm)
Anglo American +5.1% (sector optimism pushes miner higher)

Poorest Performers this week:-
Entain plc -18.5% (crackdown warning hits gambling group)
Ashtead Group -12.1% (equipment firm dented as profits slide)
St James Place plc -8.1% (JP Morgan cuts target for wealth manager)
Ocado Group -5.8% (broker pessimism weighs on deliverer)
HSBC Holdings -5.4% (banker goes ex dividend)

In our competition 43 entrants are now up on their £50,000 with 37 making gains this week. Mover of the week with the greatest gain in value - £1322 - Arewhy is up 13 places so on top of 23 steps up in the previous week he is now 16th. Midge and Aileen North were both up 11 places but not enough to challenge yet.

It is Barry who moves into top spot having gained £1104 this week. Chester Green moves from sixth to second and Sandy Paton is still third. Trauts and Ann Mackay move into the top ten.

Liz P, up 13 in the previous week dropped 20 places this week due to a £983 loss and last week’s leader Zona Paton tumbled down to 11th caused by a £977 loss.  There was little change at the foot of our table however, Ian Grieve is still 57th and Dolphin Square 56th.