Friday preview: Sales kick off; Daily Mirror owner Reach to issue update
There isn’t much scheduled on the corporate front for the end of the week, although a trading update from magazine and newspaper publisher Reach should garner some interest, as the Black Friday sales kick off.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the Black Friday "bun fight" between online retailers is going to be even fiercer this year with fresh lockdowns forcing retailers classed as non-essential to close their shops across England and many parts of Scotland.
"Although major supermarkets are still open, competition from high street bricks and mortar stores has been all but eliminated," she said. "For retailers without an online presence, Black Friday could be even more damaging to business this time around, as the opportunity to browse down real aisles is severely limited.
"The fight for clicks could see many more loss leaders pushed by retailers - those big ticket items with massive reductions - which are aimed at luring people into digital stores in the hope they will fill up their baskets with other items as well. Given the competition online, it’s looking likely that these discounts will be around even longer than in previous years, squeezing margins during the crucial Christmas shopping period, which many retailers count on to push them from the red into the black."
Investors will be eyeing a trading statement from Daily Mirror owner Reach.
Back in September, the company reported that first-half profits more than halved, but said third-quarter digital advertising had shown a strong recovery.
Reach said at the time that pre-tax profit fell to £25.2m from £58.2m a year ago as revenue slumped 18% to £290.8m. Statutory operating profits fell to £28.9m against £63.7m.
Nationwide's house price data for November will also be in focus.
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