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KGF - Kingfisher News Story

216.2p -0.7  -0.3%

Last Trade - 12/11/19

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £4.58bn
Enterprise Value £6.97bn
Revenue £11.60bn
Position in Universe 184th / 1849

UPDATE 1-Amid Brexit deal hopes, UK Plc outshines FTSE 100

Fri 11th October, 2019 11:33am
(Adds graphic, detail) By Josephine Mason LONDON, Oct 11 (Reuters) - Hopes that Britain will seal a Brexit deal pushed London-listed companies with exposure to the domestic economy to a premium over London's blue-chip index for the first time since May, in a major reversal of fortunes for the much-shunned market. JP Morgan's UK domestic plays index that tracks about 30 UK stocks that make all or most of their revenue at home .JPDEUKDM was up more than 5% at 1001 GMT, set for its best day since the basket was created nearly three years ago. The index was outperforming the FTSE 100 .FTSE by 2.6%, rising to a premium over the blue-chip index for the first time since May. The gains were driven by housebuilders, Persimmon PSN.L , Barrett BDEV.L and Taylor Wimpey TW.L , domestic banks Lloyds Bank LLOY.L and Royal Bank of Scotland RBS.L and retailers, such as Kingfisher KGF.L which owns DIY chain B&Q. A JP Morgan index that follows UK-listed companies making their money abroad .JPDEUKEX was down 0.7% and lagging the domestic index. Investor appetite for UK assets surged after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said on Thursday they saw "a pathway to a possible deal" ahead of the Oct. 31 Brexit deadline. Sterling hit a three-week high late on Thursday, although the currency had a rollercoaster ride on Friday after comments from European Council President Donald Tusk tempered some of the optimism over talks. GBP/ The brighter mood was in stark contrast to recent years. Shares in London-listed companies that rely on the British economy have suffered since the June 2016 referendum on European Union membership. Since May the index has languished at a big discount to the FTSE-100 and exporters as worries have grown that the country will crash out of the bloc following the resignation of PM Theresa May. The markdown widened following the appointment of staunch Brexiteer Johnson as prime minister. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ UK domestic stocks vs exporters https://tmsnrt.rs/2onXrOI ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Josephine Mason, editing by Julien Ponthus and Toby Chopra) ((Josephine.Mason@thomsonreuters.com; +44 207 542 7695; Reuters Messaging: josephine.mason.reuters.com@reuters.net))
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