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Supermarket shares weigh on FTSE Supermarket sector pulls FTSE lower
(about 4 hours later)
(Open): Supermarket shares weighed on the London market as Sainsbury's reported a half-year loss after reining back plans for new stores. (Noon): A number of disappointing company results, combined with news of fines for banks following a probe into forex trading, pulled the market lower.
After rising initially, Sainsbury's shares were down 2.8% and among its rivals, Tesco fell 3% while Morrisons was 2.4% lower. The benchmark FTSE 100 index was down 24.66 points at 6,602.74.
The benchmark FTSE 100 index was down 26.83 points at 6,600.57. Sainsbury's shares fell 5.9% after it reported a half-year loss after reining back plans for new stores.
Security firm G4S rose 2.8% after it reported rising revenues and the sale of a US business. The supermarket added it would invest £150m in price cuts, and said like-for-like sales in the sector were set to be negative "for the next few years".
G4S said it had sold its US "government solutions" business for $135m, and also reported a 4.2% rise in revenues for the first nine months of the year. Among Sainsbury's rivals, shares in Tesco fell 2.6% while Morrisons was 0.75% lower.
Fashion house Burberry fell 2% after it reported an 11% fall in half-year pre-tax profits to £142m, and noted a "more difficult external environment". Shares in Capita fell 4.7% after the outsourcing group released its latest trading update. The company said organic sales were on track for growth of at least 8%, but analysts cited concerns about a possible slowdown in the rate of new contracts.
The pound edged up 0.02% against the dollar to $1.5923 and rose 0.1% against the euro to €1.2773. Bank shares fell after UK and US regulators fined five banks a combined £2bn for traders' attempted manipulation of foreign exchange rates.
HSBC and Royal Bank of Scotland were two of the five banks fined. Shares in HSBC fell 1% and RBS dropped 0.4%.
Shares in Barclays - which has not yet announced a settlement with regulators - fell 1.85%.
G4S rose 4.2% after it reported rising revenues and the sale of a US business for $135m.
The security firm reported a 4.2% rise in revenues for the first nine months of the year.
Fashion house Burberry fell 1% after it reported an 11% fall in half-year pre-tax profits to £142m, and noted a "more difficult external environment".
On the currency markets, the pound fell as analysts pushed back expectations of the next UK rate rise following comments from the Bank of England.
The Bank warned that inflation could fall below 1% in the next six months, and was not expected to reach the targeted rate of 2% for three years.
The pound fell 0.5% against the dollar to $1.5841 and dropped 0.36% against the euro to €1.2715.