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Boohoo shares hit by profit warning Boohoo shares hit by profit warning
(35 minutes later)
(Open): After falling for three sessions in a row the FTSE recovered slightly in early trade, but shares in online fashion retailer Boohoo dived after it issued a profit warning. (Open): Shares in online fashion retailer Boohoo dived more than 40% after it issued a profit warning, but better-than-expected figures from Sainsbury's boosted the FTSE 100.
Boohoo shares sank more than 40% after it said its full-year earnings were set to fall below forecasts.Boohoo shares sank more than 40% after it said its full-year earnings were set to fall below forecasts.
However, the FTSE 100 index rose 17.10 points to 6,383.61, with Sainsbury's up 3.2% following a trading update. However, the FTSE 100 index rose 35.97 points to 6,402.48, with Sainsbury's up more than 3% after its trading update.
Like-for-like sales fell 1.7%, but this was not as bad as analysts' forecasts.Like-for-like sales fell 1.7%, but this was not as bad as analysts' forecasts.
The news boosted shares in other food retailers, with Tesco and Morrisons up 2%, while Marks and Spencer climbed 2.7%. Tesco and M&S are due to release trading updates on Thursday.
Persimmon shares rose 0.6% after the housebuilder said full-year revenues had risen 23% to £2.6bn.
Shares in Majestic Wine dived 12% despite it reporting a 1.1% rise in like-for-like sales over the Christmas period. Investors were rattled by Majestic saying that it expected the "competitive pricing environment" seen over the festive period to continue "throughout much of 2015".
Oil prices continued to fall, with the price of Brent crude dipping below $50 a barrel for the first time since May 2009.Oil prices continued to fall, with the price of Brent crude dipping below $50 a barrel for the first time since May 2009.
On the currency markets, the pound was flat against the dollar at $1.5152, and edged up 0.04% against the euro to €1.2749. On the currency markets, the pound fell 0.1% against the dollar to $1.5137, but edged up 0.02% against the euro to €1.2746.