PMV +5.57%: Rallied today following an update provided aftermarket on Friday, normally a time reserved for downgrades! That wasn’t the case with PMV saying that global sales for the first 12 weeks of 1H23 are +42.8% on 1H22 and +21.7% on 1H20 (pre-covid). Based on the 21.7% growth versus pre-covid numbers, this implies total sales that are around ~10% above the current consensus for the half. Retailers were also buoyed by strong ABS data this morning, where Retail Sales came ahead of expectations at +0.6% MoM.
MM remain bullish PMV
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