Three important things you need to know from across the markets this morning from investment writer, Tony Cross.
Shares in Crest Nicolson took something of a beating this morning after the company announced it was revising down its profit outlook for FY23, whilst one-off costs would also impact the FY24 figures. Although stating that adjusted pre-tax profits for the year would now be £41m, the company left it to readers to hunt around for the previous forecasts, which the trading statement issued in November expected to come in between £45m and £50m.
The beatings continue for Burberry after Friday’s significant profit downgrade. Shares continue to languish in early Monday trade, shedding a further 4.25% despite a promising start to the day. With the US a notable under performer and concerns that the Federal Reserve now won’t be cutting rates any time soon, the question is when will the bargain hunters move in?
And whilst there’s no news out today, Ocado remains an active trade, sitting 4% lower and towards the foot of the FTSE-100. A trading update is expected tomorrow and whilst this won’t cover the key Christmas period, investors seem willing to be taking money off the table before the numbers are out. You can follow all of Ocado’s regulatory company filings at https://www.investegate.co.uk/company/OCDO.
