Kingfisher Soars as B&Q Sales Lift FTSE 100, UK Economy Hits Slowdown
Kingfisher's shares soar 18% after strong B&Q sales, while the UK economy faces a slowdown according to the latest PMI report.
Kingfisher Sees a Surge
Strong performance at B&Q and Screwfix has led the FTSE 100 retailer Kingfisher to boost its profit forecasts significantly. The shares jumped by 18% today, igniting enthusiasm for other home improvement stocks.
Financial Forecasts Soar
Kingfisher projects a surplus between £480-£540 million, surpassing the City’s consensus of £519 million. Adjusted profits increased by 10.2% to £368 million over the last six months, with B&Q and Screwfix experiencing notable sales increases.
Consumer Sentiment & Share Buyback
Despite concerns over consumer confidence and political uncertainty, Kingfisher has accelerated its share buyback program. Investors remain vigilant for signs of economic decline as they anticipate future updates.
Market Movements
The FTSE 100 index rose 0.4% or 33.57 points to 9260.35, aided by the weaker pound against the dollar as the UK economy's PMI report indicated a slowdown. Meanwhile, the mid-cap FTSE 250 index increased by 0.8%.
Raspberry Pi Takes a Hit
In a contrasting report, Raspberry Pi's profits fell 43% to £6.2 million, causing its shares to drop by 6%. The company expects a rebound in the second half of the year.
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