The FTSE 100 made a decent start to the week amid some signs the coronavirus restrictions in the UK are working as infection rates fall.
“It feels like Groundhog Day when it comes to Brexit as we enter yet another ‘crunch week’. However, with just a month until the end of the transition period something definitely has to give – we should soon know if it is deal or no deal,” says AJ Bell investment director Russ Mould.
“The top gainer on the FTSE was JD Sports amid the latest machinations in the retail sector as the company reportedly prepared to step back from its Debenhams deal – a response which reflects market perception of the risks attached to this transaction. Elsewhere its rival, Mike Ashley’s Frasers was readying a potential loan for the stricken Arcadia Group.
“Retailers continues to feel the effects of the pandemic and further consolidation, failure and change in the UK retail landscape seems likely.
“BP and Royal Dutch Shell fell amid renewed volatility in oil prices ahead of today’s OPEC summit. An extension to production quotas is expected but the producers’ cartel has confounded expectations in the past.”