14/01/14 Market Movements

The FTSE 100 recovered from an early morning slump to close up 9.71 points at 17.21 points at  6,766.86.

Stock movements
No movements to report today.

However, Asos today released its trading statement for the four months leading up to Christmas.  The statement shows its retail sales rose 38 % to £335.7m over the period.

These figures topped off an impressive 12 months for Asos whose shares soared 164% in 2013 to give a market value of £5.8bn – only £2bn less than Marks & Spencer (Britain’s biggest clothing retailer).  Despite this news, Asos shares closed down 3.06% today at 6,650.

Market News
UK inflation unexpectedly slowed down in December, hitting the Bank of Englands 2% target for the first time in over 4 years (inflation was 1.9% in November 2009).

The cooling inflation figure may allow the BOE to keep interest rates at a record low for longer thus aiding the UK’s recovery build momentum.