Dunelm shares jump as sales surge after stores re-open
A look at the major movers on the London market on Wednesday
Dunelm Group plc (LON:DNLM) has lifted its full-year forecasts after sales surged once its stores were allowed to re-open on 12 April.
The homewares retailer said it now expected profits to come in at £148mln, above analyst estimates of £128mln to £134mln.
In the first seven weeks of the fourth quarter, which started on 28 March, total sales soared 59% compared with the equivalent period in 2019.
AJ Bell investment director Russ Mould said: “Dunelm joins a growing list of retailers to say that earnings are better than expected. The reopening of shops follow lockdown appears to have gone very well for a lot of retailers thanks to pent-up demand.
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3.21pm: Cryptocurrencies drop by a quarter
It is not just stock markets heading lower, so too are cryptocurrencies.
But the falls there are of a different order.
Bitcoin dropped by around 25% to below US$32,000 at one point today, and has now fallen more than 50% since its record highs.
It means the digital currency has also lost all the gains it made since Tesla’s billionaire boss Elon Musk revealed in February that the company had purchased around US$1.5bn worth of Bitcoin.
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FTSE 100 down 111 points
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4.04pm: Inflation worries continue to unnerve investors
No sign of a recovery for stock markets.
The FTSE 100 remains well down on the day, currently 111.69 points or 1.59% lower at 6922.55 as inflation fears continue to grip investors.
In the UK the Dow Jones Industrial Average has slumped 510 points or 1.5% while the S&P 500 is 1.35% lower and the tech heavy Nasaq Composite is off 09%.