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Supermarket sector pulls FTSE lower Supermarket sector pulls FTSE lower
(about 4 hours later)
(Noon): A number of disappointing company results, combined with news of fines for banks following a probe into forex trading, pulled the market lower. (Close): A number of disappointing company results, combined with news of fines for banks following a probe into forex trading, pulled the market lower.
The benchmark FTSE 100 index was down 24.66 points at 6,602.74. The benchmark FTSE 100 index closed down 16.36 points at 6611.04.
Sainsbury's shares fell 5.9% after it reported a half-year loss after reining back plans for new stores. Capita's shares fell 6.5% after the outsourcing group released its latest trading update.
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". The company said organic sales were on track for growth of 8%, but analysts cited concerns about a possible slowdown in the rate of new contracts.
Among Sainsbury's rivals, shares in Tesco fell 2.6% while Morrisons was 0.75% lower. Elsewhere, Sainsbury's fell 1.1% after the supermarket reported a half-year loss as it reined back plans for new stores.
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 retailer 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".
Bank shares fell after UK and US regulators fined five banks a combined £2bn for traders' attempted manipulation of foreign exchange rates. Among Sainsbury's rivals, shares in Tesco fell 1.8% while Morrisons ended the day 0.6% lower.
HSBC and Royal Bank of Scotland were two of the five banks fined. Shares in HSBC fell 1% and RBS dropped 0.4%. Bank shares fell after UK and US regulators fined five banks a combined £2.6bn for traders' attempted manipulation of foreign exchange rates.
Shares in Barclays - which has not yet announced a settlement with regulators - fell 1.85%. HSBC and Royal Bank of Scotland were two of the six banks fined. Shares in HSBC fell 0.3% and RBS dropped 1%.
G4S rose 4.2% after it reported rising revenues and the sale of a US business for $135m. Shares in Barclays - which has not yet announced a settlement with regulators - fell 2.2%.
G4S rose 2.1% 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.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.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 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. The pound fell 0.65% against the dollar to $1.5817 and dropped 0.54% against the euro to €1.2691.