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Pin to quick picksSainsbury's Share News (SBRY)

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Share Price: 263.80
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Change: -1.20 (-0.45%)
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UK's FTSE 100 inches lower as industrials dip; healthcare stocks rebound

Tue, 04th Jul 2023 17:18

Airlines rise after strong numbers from giant Ryanair

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Industrial metal miners down on lower metal prices

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Healthcare majors rebound after Monday's fall

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FTSE 100 down 0.1%, FTSE 250 adds 0.1%

July 4 (Reuters) - Britain's FTSE 100 edged lower on Tuesday, as weakness in industrial stocks on recessionary worries and financial shares outweighed a rebound in healthcare stocks.

The blue-chip index ended 0.1% lower after a range-bound session, while the midcap FTSE 250 index added 0.1%.

Industrial sectors including construction and aerospace and defence led declines, down nearly 1% each.

"The fears for recession have been increasing after the UK PMI (purchasing managers' index) numbers and that's why industrials in general might have been down," said Anthi Tsouvali, multi-asset strategist at State Street Global Markets.

Data on Monday showed the pace of decline in Britain's manufacturing sector steepened in June and optimism faded despite weakening price pressures.

UK banks added to the dour mood, down 0.7%, with British finance minister Jeremy Hunt backing financial regulator FCA to ensure banks are passing on better savings rates to consumers.

Industrial metal miners slipped 0.2%, tracking losses in base metal prices as weak economic data from top consumer China stoked demand concerns.

Limiting declines, the pharmaceuticals and biotech sector gained 1.2%, buoyed by a rebound in shares of AstraZeneca. The index fell more than 5% on Monday.

The FTSE 100 is up less than 1% so far for the year on concerns around a global economic slowdown and towering inflation prompting more monetary policy tightening.

Sainsbury's dropped 1.8% after Britain's second-largest supermarket group reported quarterly results, with one analyst noting competition woes hurting shares.

The travel and leisure sector that houses major airlines added 0.4% after industry bellwether Ryanair reported record monthly traffic in June.

Helping gains on the sub-index, Wizz Air Holdings advanced 2.4% after the low-cost airline recorded a 22.5% increase in passengers for June.

Dunelm Group lost 4.3% after RBC cut the homeware retailer's rating to "underperform" from "sector perform".

Trading in the session was light as most of Wall Street was closed for the Independence Day holiday. (Reporting by Shashwat Chauhan and Shristi Achar A in Bengaluru; Editing by Eileen Soreng and Mark Potter)

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29 May 2024 19:51

Royal Mail, GLS need big investments soon, billionaire suitor Kretinsky says

PRAGUE, May 29 (Reuters) - Royal Mail and its sister business GLS need sizable, almost immediate investments to defend market share and face shifting market trends, Czech billionaire Daniel Kretinsky told Reuters on Wednesday after the group's owner agreed to a 3.57 billion pound ($4.55 billion) takeover.

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Royal Mail, GLS need sizable, immediate investments, billionaire suitor Kretinsky says

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21 May 2024 09:12

TOP NEWS: Food price inflation at lowest level since October 2021

(Alliance News) - Food price inflation fell for the fifteenth month in a row while sales ticked higher, figures on Tuesday showed.

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UK grocery price inflation falls to 2.4%, says Kantar

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Grocery inflation at lowest level since Oct 2021

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18 May 2024 20:04

Britain's M&S apologises after website and app hit by 'technical issue'

LONDON, May 18 (Reuters) - British retailer Marks & Spencer apologised to customers on Saturday after its website and app went offline for several hours because of a "technical issue".

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Britain's M&S sorry after website and app hit by 'technical issue'

LONDON, May 18 (Reuters) - British retailer Marks & Spencer apologised to customers on Saturday after its website and app went offline for several hours due to a "technical issue".

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UK supermarket Asda's sales growth slows in latest quarter

LONDON, May 17 (Reuters) - Asda, Britain's third largest supermarket group, said on Friday its underlying sales rose 1.4% in the first quarter - a slowdown from growth of 2.2% in the previous quarter and an underperformance versus its bigger rivals.

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Sainsbury aims to be leading AI-enabled grocer as inks Microsoft deal

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Sainsbury's enters five-year AI partnership with Microsoft

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Ocado, Lidl and M&S are UK's fastest growing grocers, says NIQ

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