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Markets end the week on a high

by LLB Editor
16th Jun 23 10:18 am

A decent showing on Wall Street last night has helped to put investors in a good mood, with the key markets across Europe and Asia ending the trading week on a high.

Russ Mould, investment director at AJ Bell, said : “Telecoms, consumer healthcare and miners helped to drive the FTSE 100 0.5% higher to 7,669.

“ASOS continued its rebound following yesterday’s trading update and news that Frasers was lifting its stake in the business, which now stands at 10.6%. Frasers itself topped the FTSE 100, rising 3.1%.

“The big question is whether Frasers will make a full takeover of the fashion retailer or stay true to form in just having a strategic stake. It likes to grab a bargain and typically buys something out of administration, but this situation might be different. ASOS’s market valuation is not rock bottom but it is certainly still cheap given that its recovery story remains in the early days and there are still considerable risks to earnings.

“Travis Perkins’ warning caused ripples across housing-related companies on the stock market, with select housebuilders, DIY retailers and building materials suppliers falling in sympathy. Interest rate hikes have already caused cracks in the housing market and there are fears things could get a lot worse.”

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