Tool-makers, traders and loans

The headline index added to recent gains in early trading ahead of today's unemployment numbers, although oil price volatility continues to have an impact on market sentiment. Wall Street ended higher overnight but Asian markets were lower.

“Tool manufacturer 600 Group’s profit warning is an alarm call with wide-reaching ramifications as it indicates a growing malaise,” says AJ Bell Investment Director Russ Mould.

“Market conditions have remained weak in the group’s second half with customers hesitant to commit to orders. But the weakness in the European market has now spread to the US with the group seeing a marked fall in confidence.

“Online car market Auto Trader has accelerated in the second half and expects its full year underlying operating profits to be marginally ahead of forecasts. Average revenue per retailer forecourt has been stronger than expected in the first four months since the halfway stage and consumer services revenues are also up.

“Heavyweight miner Glencore was at the top of the blue-chip board on revealing it will refinance its $8.45bn revolving credit earlier than expected.”

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