Market Report: Tesco, Sainsbury's and Morrisons labelled an 'unholy trinity'
Wednesday 19 March 2014
Shore Capital slapped a sell rating on Tesco for the first time since 1996 yesterday, a sign of just how bad things are for supermarkets.
Clive Black at the broker labelled Tesco, up 0.55p at 300.25p, Sainsbury's, 2.5p higher at 313.9p, and Morrisons, up 2.2p at 209.6p, an "unholy trinity" and said uncertainty in the sector meant supermarkets were difficult to recommend to investors.
All three have been losing market share to discounters such as Aldi and Lidl. Vladimir Putin has been striking terror into the markets for over a week now, but yesterday there was a slight rally after he signalled that his territorial ambitions ended with Crimea. The blue-chip index closed 36.93 points higher at 6,605.28.
But this settling of the geopolitical landscape meant a sell-off for gold miners. Fresnillo fell 44p to 880.5p, while Randgold Resources was off 85p at 4,884p.
Cruise operator Carnival, up 52p to 2,433p, was sailing in calm waters after a price upgrade from UBS ahead of next week's first quarter numbers.
Rumours of bad news from industrial support specialist Cape circulated yesterday ahead of today's preliminary results, sending the small-cap firm down 12.75p to 320.25p.
Problems continued to mount at Speedy Hire, down 12.5p at 64.25p. The company said losses at its Middle Eastern venture, where accounting irregularities were discovered last year, will be "greater than anticipated".
FTSE 250-listed printer ink specialist Xaar jammed despite full-year results revealing doubled profits and dividend. Chief executive Ian Dinwoodie announced he will step down next year, sending shares 92.5p lower to 905p.
Wolf Minerals has raised £99.2m to complete the first new mine in Britain for 45 years – in tungsten and tin, creating 200 new jobs. The site has one of the biggest reserves of the metals in the world. Wolf fell 1.12p to 17.62p.
Gem Diamonds said it had sold 97,294 carats of the stones mined from its Letseng site in Lesotho. Revenue jumped 5 per cent to $213m (£128m) in 2013 and net profit climbed 23 per cent to $21m. Gem fell 3.75p to 169.75p.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...