Fashion, oil and miners

The FTSE 100 pushed higher at the start of the last session of another choppy week with support being provided by rising oil prices, as Brent crude hovered around the $40 a barrel mark. Wall Street closed lower overnight while Asian markets were mixed.

“Women’s fashion retailer Bonmarché’s shares slumped after it warned that pre-tax profits would be at the lower end of guidance,” says AJ Bell Investment Director Russ Mould.

“This was a particularly bitter pill for investors as the group had already lowered its profit forecasts in December due to ongoing volatile trading conditions. Demand improved in January and colder weather has helped to clear the group’s autumn/winter stock but it has been unhelpful in kick-starting demand for its spring collection.

“Africa-focused Tullow Oil’s shares fell after it confirmed damage to production facilities at its Jubilee field in Ghana. Oil production and gas export are continuing but under revised operating and off-take procedures. The group estimates t will be about two weeks before production from the damaged floating production storage and offloading unit resumes.

“Heavyweight miners were buoyant in early trading with Anglo American. Rio Tinto, BHP Billiton and Glencore locking out the top positions on the FTSE100 Index.”

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