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FTSE 100 dips but Sainsbury's shares rise FTSE 100 bolstered as miners rebound
(about 5 hours later)
(Open): The London market fell slightly as trading got under way, but shares in Sainsbury's rose after its latest sales performance beat expectations. (Noon): The London market recovered from early losses as commodity-related shares rebounded.
Like-for-like sales dropped 0.8% in the 12 weeks to 4 June, but this was not as bad as analysts had forecast and Sainsbury's shares rose 2.4%. After spending most of the morning in negative territory, the FTSE 100 index was up 1.97 points at 6,286.50 shortly before midday.
That made Sainsbury's the biggest riser on the FTSE 100. although the index was down 10.54 points at 6,273.99. Rising copper prices lifted mining shares, with Glencore up 2.8%.
Shares in UK's largest supermarket, Tesco, were up 1%. Royal Dutch Shell rose 2% as oil prices continued to climb, hitting eight-month highs. The price of Brent crude touched $52.24 a barrel at one point.
Shares in Sainsbury's had a mixed morning after the UK's second-largest supermarket group issued its first-quarter trading update.
Like-for-like sales dropped 0.8% in the 12 weeks to 4 June, but this was not as bad as analysts had feared.
Sainsbury's shares opened up more than 2%, then fell back, but then recovered to stand 1.6% higher.
Shares in UK's largest supermarket, Tesco, were up 1.3%.
Sky News reported that the retail giant is likely to announce the sale of its Turkish business Kipa and the UK restaurant chain Giraffe this week.Sky News reported that the retail giant is likely to announce the sale of its Turkish business Kipa and the UK restaurant chain Giraffe this week.
Shares in AO World, the online retailer specialising in household appliances such as washing machines and fridges, were flat after the company reported deepening losses. Shares in AO World, the online retailer specialising in household appliances such as washing machines and fridges, fell 1.4% after the company reported deepening losses.
Full-year pre-tax losses were £6.7m, compared with £2.9m last year. The company also announced it had appointed Geoff Cooper, currently at Card Factory, as its new chairman.Full-year pre-tax losses were £6.7m, compared with £2.9m last year. The company also announced it had appointed Geoff Cooper, currently at Card Factory, as its new chairman.
On the currency markets, the pound was unchanged against the dollar at $1.4543, but fell 0.1% against the euro to €1.2787. On the currency markets, the pound fell 0.2% against the dollar to $1.4571, but rose 0.1% against the euro to €1.2811.