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Pin to quick picksSainsbury's Share News (SBRY)

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Share Price: 258.80
Bid: 258.20
Ask: 258.40
Change: 0.00 (0.00%)
Spread: 0.20 (0.077%)
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Cyclical stocks lift UK equities off six-week lows; Wood Group rises

Tue, 22nd Aug 2023 17:13

Blue-chip FTSE 100 snaps seven-day losing streak

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Wood Group raises annual profit outlook, shares rise

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Precious metal miners lead gains

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FTSE 100 up 0.2%, FTSE 250 adds 0.7%

Aug 22 (Reuters) - Britain's blue-chip FTSE 100 index climbed off six-week lows on Tuesday, powered by gains in beaten-down cyclical sectors, while shares of John Wood Group advanced after the company raised its annual profit outlook.

The FTSE 100 was up 0.2% while the midcap FTSE 250 index gained 0.7%. Both indexes snapped seven-day losing streaks.

Precious metal miners jumped 2.8%, marking their best day since May 31, as the sector led gains.

Construction and materials, automobiles and parts and travel and leisure indexes also gained between 0.7% to 1.5% in the rally of cyclical sectors.

John Wood Group climbed 4.1% after the oilfield services and engineering firm raised its expectations for annual adjusted core profit.

"It is a relatively light data calendar this week, meaning that there are fewer risks to any rally for a few days, certainly until Friday when (U.S. Federal Reserve Chair Jerome) Powell is scheduled to speak at Jackson Hole," said Stuart Cole, chief macro economist at Equiti Capital.

"The market may simply be taking advantage of these calmer waters."

Meanwhile, shares of the defensive personal care and retail sectors slipped 0.4% and 0.8%, respectively, indicating investors' risk-on mood.

Industrial metal miners rose 1.8% as copper prices were buoyed by firm consumption data in China and more Chinese monetary support measures.

Investor focus will now shift to the Jackson Hole Symposium due later in the week, where major central bankers, including Powell, will share their views on the trajectory of global monetary policy.

Data on Tuesday showed sales growth at British supermarkets slowed in August due to a hit to demand from unseasonably wet weather. Shares of both Marks and Spencer and Sainsbury fell over 0.8%.

Britain's largest sportswear retailer JD Sports Fashion led declines on the FTSE 100 as the stock slumped 6.9% after a weak forecast from U.S. peer Dick's Sporting Goods' . (Reporting by Shreyashi Sanyal and Khushi Singh in Bengaluru; Editing by Eileen Soreng and Mark Potter)

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18 Jul 2023 09:09

TOP NEWS: UK grocery price inflation ebbs at fastest pace since peak

(Alliance News) - UK grocery price inflation calmed once again, market research from Kantar showed on Tuesday, while supermarket sales got a boost from more summer staples such as hay fever medication and strawberries moving through the tills.

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18 Jul 2023 08:00

UK grocery inflation continues downward trajectory -Kantar

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UK grocery inflation was 14.9% in 4 weeks to July 9 -Kantar

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18 Jul 2023 06:26

UK energy secretary tells retailers 'enough is enough' re fuel prices

(Alliance News) - Energy Secretary Grant Shapps has spoken with supermarket and petrol station bosses to tell them "enough is enough" over petrol prices for customers.

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18 Jul 2023 00:01

Iceland Foods joins UK supermarket rivals in cutting prices

LONDON, July 18 (Reuters) - Iceland Foods on Tuesday became the latest supermarket group in Britain to announce food price cuts, in a further sign that a surge in food inflation over the last year could be abating.

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17 Jul 2023 22:30

British prime minister seeks to win back corporate confidence with new business council

LONDON, July 17 (Reuters) - British Prime Minister Rishi Sunak will hold the first meeting of his new business council on Tuesday, in a bid to support his pledge to grow the economy and fend off attempts by the opposition Labour Party to win over the business community.

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17 Jul 2023 11:29

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17 Jul 2023 11:24

UK supermarket execs to meet Grant Shapps over petrol price concerns

(Alliance News) - UK supermarket executives will meet Energy Secretary Grant Shapps on Monday after he warned he would hold retailers to account if they charge "sky high" petrol prices for customers.

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17 Jul 2023 00:01

UK consumer group calls for government action on grocery prices

Competition watchdog to publish report on grocery prices

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13 Jul 2023 17:16

British lawmakers to quiz Asda co-owner over fuel price competition

LONDON, July 13 (Reuters) - British lawmakers will next week question Mohsin Issa, the co-owner of British supermarket Asda, to clarify comments made by one of his lieutenants about the group's fuel pricing strategy at an earlier hearing.

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13 Jul 2023 13:29

UK food price inflation to be 9% in December, industry researcher cautions

LONDON, July 13 (Reuters) - Food price inflation in Britain will decline through the balance of 2023 but will still be about 9% in December, a prominent grocery industry researcher said on Thursday.

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12 Jul 2023 16:28

Investors target consumer goods makers on fears of customer exodus over high prices

LONDON/NEW YORK, July 12 (Reuters) - Top U.S. and European investors are flagging their concerns about high prices to consumer goods companies, with Janus Henderson going so far as to cut some stakes it holds and shorting food makers it believes are at risk of losing customers.

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12 Jul 2023 11:00

Investors target consumer goods makers on fears of customer exodus over high prices

LONDON/NEW YORK, July 12 (Reuters) - Top U.S. and European investors are flagging their concerns about high prices to consumer goods companies, with Janus Henderson going so far as to cut some stakes it holds and shorting food makers it believes are at risk of losing customers.

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11 Jul 2023 08:18

Supermarket Income gets GBP117 million tranche of Sainsbury's sale

(Alliance News) - Supermarket Income REIT PLC on Tuesday said it received the GBP116.9 million second tranche from the sale of its interest in JD Sainsbury PLC's reversion portfolio, as expected.

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11 Jul 2023 00:01

Britain's Waitrose joins forces with Uber Eats for rapid delivery

LONDON, July 11 (Reuters) - British upmarket supermarket group Waitrose has teamed up with rapid delivery firm Uber Eats to provide its groceries to shoppers' homes in as little as 20 minutes, the companies said on Tuesday.

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7 Jul 2023 15:42

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