FTSE 100 movers: Morrison leads supermarkets lower

WM Morrison's share price dropped today after it issued a disappointing set of full-year results, with like-for-like sales falling 2.8 per cent. Chairman Sir Ian Gibson admitted that the company had been slow to adapt to the changing UK grocery market.The supermarket chain guided to an underlying pre-tax profit of £325-375m this year, some 30-40% below what the market was expecting, as it unveiled a £1bn investment programme. Larger supermarket groups J Sainsbury and Tesco also declined sharply after the statement, along with Morrison's online joint venture Ocado, which extended losses after disappointing the market with its own results yesterday. Sainsbury was also hit by a target price reduction by Jefferies, from 410p to 350p.Department store Marks & Spencer, which has a large food offering, also fell. G4S was also in the red after Panmure Gordon trimmed its target price from 200p to 185p after lowering its forecasts following an analyst meeting with the security firm. G4S said on Wednesday that underlying revenues rose 5.8% to £7.43bn in 2013. Underlying profit before interest, tax and amortisation before specific items rose 2.8% year-on-year to £442m, but came in 6% below Panmure's estimate.Antofagasta was also lower after Investec cut its target price from 764p to 753p and retained a 'sell' recommendation.Meanwhile, B&Q-owner Kingfisher rose on positive readacross from Homebase and Argos-owner Home Retail Group, which said that annual profits would come in ahead of the top end of market expectations. Centrica also climbed strongly after HSBC upgraded the stock to 'overweight' on the back of the outlook for its upstream prospects. Barclays was higher after Numis upped its target price from 274p to 280p and upgraded the stock from 'hold' to 'add'.FTSE 100 - RisersCentrica (CNA) 336.00p +2.47%Kingfisher (KGF) 411.40p +2.11%Barclays (BARC) 237.50p +1.60%BG Group (BG.) 1,079.50p +0.94%easyJet (EZJ) 1,661.00p +0.85%Anglo American (AAL) 1,431.00p +0.81%Smith & Nephew (SN.) 924.00p +0.76%RSA Insurance Group (RSA) 93.65p +0.75%Diageo (DGE) 1,823.00p +0.75%BHP Billiton (BLT) 1,806.50p +0.75%FTSE 100 - FallersMorrison (Wm) Supermarkets (MRW) 205.20p -11.93%Sainsbury (J) (SBRY) 309.40p -7.14%Tesco (TSCO) 299.90p -4.61%Marks & Spencer Group (MKS) 460.50p -2.77%Ashtead Group (AHT) 920.50p -2.64%G4S (GFS) 227.20p -2.28%GKN (GKN) 372.00p -2.05%Royal Mail (RMG) 576.50p -2.04%Shire Plc (SHP) 3,162.00p -1.53%Prudential (PRU) 1,378.00p -1.43%NR