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Name | Symbol | Market | Type |
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FTSE 100 Index | FTSE:UKX | FTSE Indices | Index |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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77.80 | 0.95% | 8,291.29 | 8,311.02 | 8,213.49 | 8,213.49 | 0 | 09:11:37 |
By Carla Mozee, MarketWatch
Sainsbury's stock rises after strong Argos Christmas sales
U.K. blue-chip stocks sagged Wednesday, faltering after a record run of gains, even as financial results from J Sainsbury PLC helped lift the supermarket chain's shares.
The FTSE 100 was lower by 0.2% at 7,262.01. Financial and consumer stocks were higher, but utility, oil and gas, basic material and health care sectors were struggling.
The index on Tuesday rose 0.5% to 7,275.47 (http://www.marketwatch.com/story/ftse-100-aims-for-9th-straight-record-as-pound-slump-continues-2017-01-10). That was the 11th consecutive gain and a ninth straight record close for the London benchmark. That marked its longest string of record closes since FactSet began collecting data in 1986.
Stocks' run higher has been accompanied by persistent weakness in the pound, as investors worried about the prospect of a "hard Brexit," which would cut off U.K. businesses' access to the European Union's single market. Sterling depreciation typically boosts the earnings of U.K. exporters.
The pound on Wednesday was buying $1.2155, down from $1.2167 late Tuesday in New York.
Individual movers: Topping the benchmark was Sainsbury's (SBRY.LN) , whose shares jumped 4.8%. The U.K.'s second-biggest supermarket chain by market share said its total retail sales, excluding fuel, were up 0.8% in the 15 weeks ended Jan. 7 (http://www.marketwatch.com/story/sainsburys-christmas-sales-rise-marginally-2017-01-11). Excluding fuel, they rose by 0.1%.
"Whilst these Sainsbury numbers are not sufficient to shoot the lights out, they are comfortably ahead of expectations. In particular, the contribution from the online and convenience channels is strong, whilst the integration of Argos is already beginning to bear fruit," said Richard Hunter, head of research at Wilson King Investment Management, in a note.
Sainsbury's bought Home Retail Group PLC, the parent of Argos, last year. Same-store sales at the home and general retailer rose 4% in the Christmas-related quarter.
Other supermarket shares traded mixed. Wm Morrison Supermarkets PLC (MRW.LN) rose 1.6%, while Tesco PLC (TSCO.LN) shed 0.4%.
Homebuilder Taylor Wimpey PLC (TW.LN) said it expects to report 2016 profit at the upper end of market consensus (http://www.marketwatch.com/story/taylor-wimpey-upbeat-on-profit-reaffirms-dividend-2017-01-11) and reaffirmed its medium-term dividend payout target. But shares turned lower, trading down 0.1%.
Economic docket: At 9:30 a.m. London time, or 4:30 a.m. Eastern Time, November readings on U.K. industrial production and manufacturing production are due from the Office for National Statistics.
Bank of England Gov. Mark Carney is slated to appear at a Treasury committee hearing to discuss the bank's financial stability report at 2:15 p.m. London time, or 9:15 a.m. Eastern Time.
(END) Dow Jones Newswires
January 11, 2017 04:04 ET (09:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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