Lacklustre day for markets, Future rallies after last week’s fall and Disney appoints new chair

“It’s been a fairly lacklustre day for markets as investors, especially those on the other side of the Atlantic, wait for the big beasts to update us on the health of their respective businesses,” says Danni Hewson, Head of Financial Analysis at AJ Bell.

“With concerns about the state of the US consumer and all the uncertainty the US election is bringing, one wrong move by a tech giant could knock confidence like a set of dominoes jostled on a pub table. Rate cuts may have finally arrived after months of waiting for them but as with economic tightening, the unwinding will also take time to influence behaviour.

“London markets continued to be influenced by investor expectation that this time China’s economy really will get the stimulus it needs, with miners topping the FTSE 100 gainers, whilst oil giants BP and Shell enjoyed a slight jump in the oil price.

“On the FTSE 250 investors seem to have sensed an opportunity after last week’s substantial slip in the share price of media darling Future, after it announced its CEO was stepping down, and its shares rallied considerably, though there’s still plenty of ground to make up.

“Hollywood Bowl also ended the day in positive territory after it demonstrated that it knows its USP and is delivering that to customers in a way that’s making them want to keep coming back. Providing a good night out at a price that feels affordable for a family has created an opportunity to flog all those lovely extras, and upgrading the surroundings has made people want to linger that little bit longer.”

Disney

“After this year’s attempted boardroom coup, any change to those seated around Disney’s top table needed to deliver some real pedigree.

“James Gorman’s appointment ticks an awful lot of boxes and bringing in fresh blood to the chair’s role paves the way for the appointment of a new CEO from within.

“Bob Iger’s return was always temporary, and he’s certainly had to work hard to steer the entertainment juggernaut through some pretty choppy waters. It makes sense that he will be able to shepherd his successor to the top job, giving those working alongside him the chance to learn and impress.

“It’s a clear succession plan, one that may reassure investors that there won’t be a repeat of what happened after Iger’s last departure. Whoever takes on the role should have a solid base to fall back on and, on paper at least, Gorman provides that.”

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