Halifax Financial Services: Retailers fail to halt market decline

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Halifax Financial Services: Retailers fail to halt market decline

Fri 2nd Jun 2006

In the month of May the FTSE 100 index experienced a fall in total return of 5.8 per cent, according to the latest StockWatch report from Halifax Financial Services.

Halifax Financial Services reported that the total return of the FTSE 250 fell 6.3 per cent, while the FTSE all share declined 5.9 per cent, compared with an average rise of 1.1 per cent for the month of May, since 1986.

The fall in returns came despite rises in sales by some major retailers, such as DSG International which own Dixons, Currys and PC world.

Total sales revenue fell 22 per cent for cruise ship operator Carnival; its stock was the poorest performer on the FTSE 100, thought to be because of weak bookings for Caribbean holidays in late 2006.
John Bearman, head of UK equities, said: "Following strong gains in April, the markets turned sharply lower in May as faster than expected inflation in the United States raised the prospect of increased interest rates."
Halifax Financial Services report showed the strongest gains being made by DSG International, owner of UK retailers seeing increase in purchases of widescreen TV's and other electrical equipment as the nation prepares for the World Cup.

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