Morrisons - comment
The fresh cost-cutting at Morrisons should see the SSN’s marginally higher, but likely from traders marking their book higher rather than investor demand. On the recent analyst call, the company promised more savings, and here they are. Morrisons is struggling to convert cost savings into improved margins due to higher taxes and minimum wages, which are likely to consume the latest actions by the company; however, this is still a positive development.