Blockbuster third company in the past week to go into administration
Trading Floor News January 17, 2013 4:40 PM
<p>- Blockbuster announced yesterday that it has gone in to administration, making it the third company in the past week, to have succumbed to recent […]</p>
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- Blockbuster announced yesterday that it has gone in to administration, making it the third company in the past week, to have succumbed to recent challenging trading conditions, joining HMV and Jessops. Consequently investors had a pessimistic feel towards retail stocks and overall the FTSE index finished down 0.2% yesterday.
- This morning was a different story however as Primark; owned by Associated British Foods; reported a massive 25% rise in sales in the past quarter. This saw the retailer leading the way in early trading with shares up 4.5%. Home Retail Group and Dixons Retail also posted strong reports.
- The FTSE index remained flat and there was little movement away from the 6105 level. Rio Tinto was the FTSE’s biggest faller as shares slipped 3.5% after the news that they have sacked their CEO in connection with a $14 billion writedown of shares.
- The DOW and DAX were both down around 20 points at 13485 and 7665 respectively. In currencies, the Japanese Yen is down against the Sterling, Euro and US dollar.
- Finally, we have two US figures to watch out for at 1.30pm; that’s the Unemployment Claims and Building Permits.