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Morrisons shares push FTSE 100 lower Morrisons shares push FTSE 100 lower
(about 5 hours later)
(Noon): London's leading shares fell on Thursday, with supermarket Morrisons among the biggest fallers. (Close): London's leading shares fell on Thursday, with supermarket Morrisons among the biggest fallers.
By lunchtime, the benchmark FTSE 100 index was down by 0.75%, or 46.88 points, at 6,182.13. At the end of the day, the benchmark FTSE 100 index was down by 1.18%, or 73.2 points, at 6,155.81.
Morrisons shares were more than 3% lower after the supermarket said it was closing stores amid falling sales and profits. Morrisons shares fell 2.8% after the supermarket said it was closing stores amid falling sales and profits.
On the upside, Next shares rose by 0.6% after the retailer reported a 7.1% rise in first-half profit to £347m. On the upside, Next shares rose by 1.3% after the retailer reported a 7.1% rise in first-half profit to £347m.
Shares in Dixons Carphone also rose after the electrical goods retailer posted better-than-expected first quarter sales. The UK was particularly strong, with like-for-like sales up 10% in the 13 weeks to August. Shares in Dixons Carphone gained 1.8% after the electrical goods retailer posted better-than-expected first quarter sales. The UK was particularly strong, with like-for-like sales up 10% in the 13 weeks to August.
Adding to the raft of retail results was Home Retail Group, owner of Argos and DIY shop Homebase. Shares in the company fell nearly 5% after reporting another fall in sales at Argos, which accounts for 70% of the company's revenue. Sales in the 13 weeks to August fell by 2.8%. Adding to the raft of retail results was Home Retail Group, owner of Argos and DIY shop Homebase. Shares in the company fell nearly 6% after reporting another fall in sales at Argos, which accounts for 70% of the company's revenue. Sales in the 13 weeks to August fell by 2.8%.
On the currency markets, the pound was 0.42% higher against the dollar at $1.5433, and 0.26% higher against the euro at €1.3748. On the currency markets, the pound was 0.67% higher against the dollar at $1.5472 and 0.09% higher against the euro at €1.3726.