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London stocks were poised to open higher on Friday, with investors reflecting on a boost in consumer confidence alongside a larger-than-expected decline in retail sales. The FTSE 100 was anticipated to rise by around 35 points at the opening.
Data from the Office for National Statistics revealed a 0.7% drop in retail sales in October, surpassing the expected 0.3% decline. Retail sales fell for the first time in four months, driven by weak performance in clothing stores and consumer caution ahead of the upcoming Budget. Despite this, retail sales showed growth when viewed over a three-month and annual period, although they remained below pre-pandemic levels.
On a more positive note, the GfK consumer confidence index showed an improvement in November, climbing three points to -18. This marked a recovery from the previous month’s -21, and was a notable improvement from November 2023's -24. The rise was driven by increased optimism regarding personal finances and the economic outlook, with consumers also showing more willingness to make major purchases as Black Friday approached.
In corporate news, Games Workshop, known for its Warhammer franchise, upgraded its half-year forecast, citing stronger-than-expected trading in recent months. The company now expects a pre-tax profit of at least £120m for the six months to December 31, up from £96.1m a year earlier. Meanwhile, Workspace Group reported a 4.3% increase in net rental income to £60.2m and raised its dividend by 4.4%, despite a small dip in like-for-like occupancy.
