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Morrisons figures lift retail shares Morrisons figures lift retail shares
(about 3 hours later)
(Open): Shares in Morrisons jumped 5.7% after the supermarket's latest sales figures showed signs of improvement. (Noon): Supermarket shares roared ahead after a well-received trading update from Morrisons.
Like-for-like sales in the past quarter fell 6.3%, but that was an improvement on the 7.4% decline seen in the previous six months. Shares in Morrisons rose 7.1% after it maintained its full-year profit outlook and showed signs of improvement.
Among other supermarkets, Sainsbury's rose 3.5% and Tesco was 2% higher. M&S climbed a further 4.2% a day after its half-year results beat expectations. Although like-for-like sales in the third quarter fell 6.3%, that was an improvement on the 7.4% decline seen in the previous six months.
Overall, the FTSE 100 index fell 22.77 points at 6,516.37. The news lifted shares in other supermarkets, with Sainsbury's up 6.8% and Tesco 3.8% higher.
A number of companies going ex-dividend - trading without the right to their latest dividend - helped to pull the market lower. These included GlaxoSmithKline, down 1.8%, and BP, down 1.3%. Shares in Marks and Spencer climbed a further 4.9%, with the High Street giant benefiting from a number of broker upgrades a day after its half-year results beat expectations.
The strength in the retail sector helped to prop up FTSE 100, with the index down just 2 points at 6,537.14.
The index had fallen earlier because of a number of companies going ex-dividend - trading without the right to their latest dividend - including GlaxoSmithKline and BP.
Bank shares fell after the Competition and Markets Authority announced an inquiry into the markets for personal current accounts and small business banking.Bank shares fell after the Competition and Markets Authority announced an inquiry into the markets for personal current accounts and small business banking.
Shares in both Lloyds Banking Group and Barclays fell 1.1%. Shares in Lloyds Banking Group fell and Barclays was down 0.8%.
On the currency markets, the pound was unchanged against the dollar at $1.5976 but fell 0.18% against the euro to €1.2773. On the currency markets, the pound fell 0.2% against the dollar to $1.5945 and dropped 0.45% against the euro to €1.2737.