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Friday Email: 09 June 2017

Every Friday morning our lead analyst Mark Riding sends out his weekly run-down and upcoming events in the investor calendar, like this one:

The market has held reasonably steady by the close of play on Thursday and ahead of the General Election result. Then, we had the election result and we have a hung parliament which the markets seem comfortable with for the same reasons as Brexit, namely overseas earnings of British companies abroad and the prospect of the continued low interest rate environment following steep falls in the pound. 

In terms of results the past week has been relatively quiet but with some pretty hefty dividend increases coming from Auto trader, Workspace Group and RPC Group.

The week ahead also sees some reporting, but the election result does mean that we are going to see more political wrangling because we definitely do not have a strong and stable goverment with the conservative party having to go cap in hand to the DUP to even form a working majority. It is ironic that the refusal of Sinn Fein to take up their seats in Parliament strengthens the hand of their main opposition. This situation cannot last very long in my view and so I suspect that the weary electorate will be called upon again within 18 months. 

As for Brexit, I have heard some say that the hand of the 20-30 really hard core Brexiteers in the conservative ranks has been strenthened by the result. I don't think so. Witness the reaction of Nigel Farage this morning. I am not going to air my thoughts on what I think might happen because I have not got a reasoned argument to present. 

Meanwhile, it is headed towards 38 degrees here in Seville and I am signing off for the weekend.

 

This email was originally sent on Friday 09 June 2017

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