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UK food retailers helped London’s blue chip index climb higher while oil stocks suffered as the price of Brent crude slipped to US$50 a barrel.
Third quarter figures from ’s have encouraged the list of FTSE 100 climbers to be dominated by fellow members of the sector.
() () and () enjoyed a sentiment boost.
“Depending on your viewpoint this morning’s ’s figures either beat market expectations or are ‘less worse’ than expected” said Alastair McCaig at spread betting firm .
The supermarket posted a 1.7% fall third quarter sales which was an improvement on the second quarter.
Chief executive Mike Coupe said the business handled a record 29.5mln of customer transactions in the week before Christmas but warned the outlook is challenging.
Shares in 's eventually lost ground and were trading flat at 234p.
Meanwhile oil and energy companies were squeezed again as Brent crude suffered a further price fall.
() () and () were all among the biggest fallers on the FTSE 100.
Overall though the index was 68 points higher at 6435.
() shares rose 3% as the temporary-power provider said it sees a small increase in 2014 profit after it won a two-year contract in Argentina.
Shares in UK home builder () nudged higher as it predicted 2014’s strong growth will continue this year.
Among the small caps () had plenty to cry about this morning as the online fashion retailer unwrapped a Christmas profits warning triggering 40% share price decline.
The sell-off of Quindell () shares might be over as hedge fund Toscafund has lifted its stake in the insurance claims outsourcing firm above 5%.
Shares shot up from their overnight level of 54p to 62p on the news.
() was 10% higher after it told the market it had received the green light to acquire Aegean Metals from shareholders in the Canada-listed explorer.
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