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Boohoo shares hit by profit warning Boohoo shares hit by profit warning
(about 3 hours later)
(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. (Noon): Shares in online fashion retailer Boohoo dived more than 40% after it issued a profit warning.
Boohoo shares sank more than 40% after it said its full-year earnings were set to fall below forecasts. Boohoo sank more than 40% after it said full-year earnings were set to be "below current market expectations" after it was hit by fierce price competition from High Street rivals.
However, the FTSE 100 index rose 35.97 points to 6,402.48, with Sainsbury's up more than 3% after its trading update. However, the FTSE 100 index was up 66.11 points, or 1%, at 6,432.62.
Like-for-like sales fell 1.7%, but this was not as bad as analysts' forecasts. The index was lifted by energy shares, as oil prices rebounded slightly from fresh lows seen earlier in the day.
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. The price of Brent crude had dipped below $50 a barrel for the first time since May 2009, hitting $49.66. It then recovered to stand at $50.72 a barrel. Shares in Tullow Oil rose 3.3% and BP was 1.2% higher.
Persimmon shares rose 0.6% after the housebuilder said full-year revenues had risen 23% to £2.6bn. Sainsbury's had given the market a boost earlier on, with its shares jumping by more than 3% after it said like-for-like sales fell 1.7% over the Christmas period, which was not as bad as analysts' forecasts.
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". However, the shares quickly lost ground as worries about price competition returned, and by lunchtime Sainsbury's shares were down 1.1% at 231.90p.
Oil prices continued to fall, with the price of Brent crude dipping below $50 a barrel for the first time since May 2009. Shares in Majestic Wine dived 12.9% 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".
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. On the currency markets, the pound fell 0.17% against the dollar to $1.5125, but rose 0.33% against the euro to €1.2786.