ASOS, Galliford Try and Shire

“Blue-chips confounded forecasts and opened in positive territory following Wall St overnight and Asia this morning, as traders cautiously welcomed the appointment of Theresa May as incoming UK prime minister on Wednesday to succeed David Cameron,” says AJ Bell Investment Director Russ Mould.

“Online fashion group ASOS saw no sign of falling consumer confidence in the run-up to the referendum. Retail sales for the three months to the end of June were up 30% with the UK growth remaining strong and the group has seen further acceleration across the US, EU and its rest of the world segments. Overall, international retail sales increased by 31% and now represent 59% of the total.

House-building and construction group Galliford Try expects to report record results for the year to the end of June and remains confident despite uncertainty following the Brexit vote. Confidence is underpinned by the strength of underlying demand for new homes and the continuing availability of mortgage finance and Help-to-Buy initiative. Its construction arm continues to have a strong order book and has grown revenues in the year, with good margins on newer work.

Shire’s shares were up in early trading following US Food and Drug Administration approval for Xiidra 5%, a twice-daily eye drop solution for the treatment of the signs and symptoms of dry eye disease in adults.  Xiidra is the only prescription eye drop indicated for the treatment of both signs and symptoms of this condition. Shire expects to launch Xiidra in the US in the third quarter.

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