UK retail stocks remain in favour
While retailers have come under fire recently for controversial announcements and poor results, 48 per cent of Barclays Stockbrokers clients said they already held or had recently invested in retail stocks. A further 17 per cent said they were interested in investing.
Tesco, which has been making headlines in recent weeks for overstating its half-year profits by £250m, was the most favoured retailer. Some 38 per cent of respondents said that the troubled supermarket chain was their top choice, compared to 28 per cent who favoured Sainsbury’s and 20 per cent to Marks and Spencer. Morrisons was preferred by 16 per cent of investors.
Chris Stevenson, vice president at Barclays Stockbrokers, said: “While questions have been raised a about the longer term stability of these retail giants, these concerns do not seem to have impacted the appetite of traders. Our clients appear to remain confident in the investment opportunities the UK retail sector provides.”