Market Report: Justin King cashes in as he departs Sainsbury's

Justin King, the departing chief executive of Sainsbury's, cashed in a £1.05m stake in the supermarket yesterday.

Mr King, who will bow out in July on a high after announcing record annual profits this week, sold 319,919 shares, about a fifth of his holding. Sainsbury's held firm despite news of the sale late in the day, adding 4.6p to 335.8p.

Sector mate Marks & Spencer was also in favour, climbing 9p to 458.4p. After a flood of bad news from M&S, the feeling among traders is that full-year figures out later this month might just beat low expectations.

Despite Citi declaring that the UK market is in the midst of a boom, the Footsie ended the week down 24.68 at 6,814.57.

The index was dragged lower by a profit warning from Petrofac. The oilfield builder and operator said delays in its energy services division meant profits would be up to 11 per cent lower than expected this year, between $580m (£340m) and £600m. Petrofac fall 211p to 1,177p, while Ithaca Energy, the owner of one of the delayed projects, lost 16.75p to 135p.

After an initial bounce driven by rising passenger numbers and narrowing losses, British Airways owner IAG ended the day 19.6p off at 385p as investors digested the point that it is still losing money.

The product-testing group Intertek, which benefited from last year's horsemeat scandal, climbed 41p to 3,027p after an upgrade from Credit Suisse ahead of results next Friday.

The mid-tier hedge fund Man Group lost 3.1p to 97.6p despite its third consecutive quarter of net in-flows, as chief executive Manny Roman warned that the outlook for the rest of the year was "cautious".

On AIM, Wessex Exploration was forced to admit it is in advanced talks to buy offshore assets in Asia after the shares shot up. The talks are in response to a shareholder rebellion by Milroy Capital and its former managing director Frederik Dekker, who are together trying to oust the management of the oil and gas explorer. Wessex welled up 0.32p to 1.05p.

Investment vehicle Ducat Ventures suspended shares at 0.07p after confirming it is in talks for a potential reverse takeover.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test