Sainsbury’s lifts London’s FTSE 100

Trader in LondonImage copyright
AFP

Supermarket Sainsbury’s is the best performer on London’s main share index, after a positive update on its Christmas trading.

By lunchtime, Sainsbury’s shares were up about 3.7%.

That helped the FTSE 100 to edge up from Tuesday’s record, rising by 8 points, or 0.1%, to 7,283.50.

The supermarket said that like-for-like sales were up 0.1% in the 15 weeks to January. That compares to a 1.1% drop in the previous trading update.

It follows better than expected sales figures from Morrisons on Tuesday.

That drove the FTSE 100 to yet another closing record high – its ninth consecutive record, the longest such streak in history.

“The real positive [for Sainsbury’s] comes from Argos, which delivered a show-stopping 4.1% leap in like-for-like sales, confirming just what an important strategic acquisition this was for the supermarket,” said Neil Wilson from ETX Capital.

In other company news, housebuilder Taylor Wimpey reported a 4% jump in home completions last year, to 13,881. It said customers continued to “benefit from a wide range of mortgage products and low interest rates with customer confidence remaining robust”.

Shares were down by 1.3%.

On the currency markets, the pound slipped 0.39% against the dollar to $1.2129 and against the euro it was little changed at €1.1534.

Facebook

Get the Facebook Likebox Slider Pro for WordPress