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FTSE 100 bolstered by travel firm Tui FTSE 100 rises but Sainsbury's hit as sales slide
(about 3 hours later)
(Open): The London market opened higher, with shares in travel firm Tui up after it reported better-than-expected trading. The London market rose, helped by a rally in commodity-related stocks, but shares in Sainsbury's dropped as it reported a fall in sales.
Shortly after trading began, the benchmark FTSE 100 index was 41.26 points higher at 6,848.93. By midday, the benchmark FTSE 100 index was 50.02 points higher at 6,857.69.
Shares in Tui - whose UK brands include Thomson and First Choice - rose 2.8% after it raised its forecast for earnings growth. Sainsbury's shares fell 3.35% to 242.40p after it reported a second quarter of falling sales.
The company said UK revenues were up 5% over the summer. Like-for-like sales excluding fuel fell 1,1% in the 16 weeks to 24 September as the price war between the supermarkets continued to take its toll.
However, the wider market was higher as a recovery in the price of metals and oil lifted mining and energy-related shares.
The biggest riser in the FTSE 100 was satellite broadcaster Sky, which rose more than 4% following a broker upgrade.
Shares in travel firm Tui - whose UK brands include Thomson and First Choice - rose 1.2% after it raised its forecast for earnings growth.
The company said the UK market had performed well over summer, with revenues up 5%.
It also said bookings for the winter were up 5% across the group, driven by a 22% rise in UK bookings after the company expanded its long-haul routes to destinations such as Mexico and the Dominican Republic.It also said bookings for the winter were up 5% across the group, driven by a 22% rise in UK bookings after the company expanded its long-haul routes to destinations such as Mexico and the Dominican Republic.
It now expects full-year earnings to be 12-13% higher, compared with a previous forecast of at least 10% growth. Tui now expects full-year earnings to be 12-13% higher, compared with a previous forecast of at least 10% growth.
Sainsbury's shares dipped 0.2% to 250.30p after it reported a second quarter of falling sales. Shares in Phoenix Group rose 3.4% after the firm bought UK insurance business Abbey Life from Deutsche Bank for £935m. Abbey Life has 735,000 policyholder and manages £10bn worth of assets.
Like-for-like sales excluding fuel fell 1,1% in the 16 weeks to 24 September as the price war between the major supermarkets continued to take its toll.
Shares in Phoenix Group rose 3% after the firm bought UK insurance business Abbey Life from Deutsche Bank for £935m. Abbey Life has 735,000 policyholder and manages £10bn worth of assets.
UK Mail's shares jumped 43% to 440.50p after it agreed to be bought by Deutsche Post for £242m.UK Mail's shares jumped 43% to 440.50p after it agreed to be bought by Deutsche Post for £242m.
On the currency markets, the pound dipped 0.1% against the dollar to $1.3016, but rose 0.3% against the euro to €1.1636. On the currency markets, the pound dipped 0.1% against the dollar to $1.3016 and was flat against the euro at €1.1600.