Market Report: Traders ditch supermarkets

Traders sick of Christmas food decided to ditch supermarkets yesterday as concerns grew that big promotions will have hit margins.

Shares in food retailers have underperformed in the run-up to Christmas and yesterday the sector took 1.8 points off the Footsie with Sainsbury's down 7.3p to 371.1p, Marks & Spencer off 7.5p to 442.7p, Morrison 4p weaker at 263.7p and Tesco dipping 3.65p to 336.35p.

The post-Christmas retail tumble also hit Primark owner Associated British Foods, down 25p to 2,470p, and pile-it-high-sell-it-cheap retailer Sports Direct, which dropped 11.5p to 717p.

After six days of gains, the FTSE 100 declined 19.6 points to 6,731.27 on very low volumes.

Nick Lewis, head of trading and market risk at financial spreadbetter Capital Spreads, said: "With such a good rally into both the month and year-end, a bit of profit-taking is no surprise.

"But given recent action, I'm looking for a further test of the highs on the half-day of trading on New Year's Eve, taking the lead from a very buoyant US market."

Reports that the Government could sell its remaining 33 per cent in Lloyds Banking Group next year were followed by a 0.42p dip to 78.42p for the bank.

International Personal Finance leapt to the top of the mid-tier table after Numis issued a buy note. The lender's share price fell 25 per cent over two days before Christmas due to regulatory issues in Poland – it is facing a fine but is appealing. Numis said it is worth buying the shares after the correction and punters agreed as it collected 45.8p to 501p.

Over on Aim, Kazakhstan-focused explorer Max Petroleum's half-year results disappointed despite good drilling results at a well and it slid 0.5p to 3.3p.

Parkmead has agreed a $11.2m deal for a further 20 per cent interest in the Athena oil field in the North Sea and surged 4.5p to 232.5p.

Côte d'Ivoire palm oil specialist DekelOil Public reported a positive mill update and glided up 0.075p to 1p.

Ariana Resources got planning for its gold-silver project in western Turkey and was 0.08p brighter at 1.35p. The clearing of an overhang of shares sold by Blackrock helped healthcare company Futura Medical up 5.5p to 71.5p.

PROMOTED VIDEO
News
ebooksNow available in paperback
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

Selby Jennings: Java Developer Enterprise Specialist –Paris,France

€30000 - €50000 per annum, Benefits: Competitive Bonus: Selby Jennings: Java D...

Selby Jennings: QA Engineer Lead – Hedge Fund – Chicago

$60000 - $90000 per annum, Benefits: Competitive Bonus and Employee Investment ...

Selby Jennings: Buy Side Sales / Account Manager – Fixed Income Market Data – Frankfurt Germany

circa 65,000 EUR + Bonus + Benefits: Selby Jennings: Recruiting a Sales Associ...

Selby Jennings: C++ Developer – Proprietary Trading Firm – London

£70000 - £100000 per annum, Benefits: Competitive Bonus: Selby Jennings: C++ D...

Day In a Page

In a world of Saudi bullying, right-wing Israeli ministers and the twilight of Obama, Iran is looking like a possible policeman of the Gulf

Iran is shifting from pariah to possible future policeman of the Gulf

Robert Fisk on our crisis with Iran
The young are the new poor: A third of young people pushed into poverty

The young are the new poor

Sharp increase in the number of under-25s living in poverty
Greens on the march: ‘We could be on the edge of something very big’

Greens on the march

‘We could be on the edge of something very big’
Revealed: the case against Bill Cosby - through the stories of his accusers

Revealed: the case against Bill Cosby

Through the stories of his accusers
Why are words like 'mongol' and 'mongoloid' still bandied about as insults?

The Meaning of Mongol

Why are the words 'mongol' and 'mongoloid' still bandied about as insults?
Mau Mau uprising: Kenyans still waiting for justice join class action over Britain's role in the emergency

Kenyans still waiting for justice over Mau Mau uprising

Thousands join class action over Britain's role in the emergency
Isis in Iraq: The trauma of the last six months has overwhelmed the remaining Christians in the country

The last Christians in Iraq

After 2,000 years, a community will try anything – including pretending to convert to Islam – to avoid losing everything, says Patrick Cockburn
Black Friday: Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Helpful discounts for Christmas shoppers, or cynical marketing by desperate retailers?

Britain braced for Black Friday
Bill Cosby's persona goes from America's dad to date-rape drugs

From America's dad to date-rape drugs

Stories of Bill Cosby's alleged sexual assaults may have circulated widely in Hollywood, but they came as a shock to fans, says Rupert Cornwell
Clare Balding: 'Women's sport is kicking off at last'

Clare Balding: 'Women's sport is kicking off at last'

As fans flock to see England women's Wembley debut against Germany, the TV presenter on an exciting 'sea change'
Oh come, all ye multi-faithful: The Christmas jumper is in fashion, but should you wear your religion on your sleeve?

Oh come, all ye multi-faithful

The Christmas jumper is in fashion, but should you wear your religion on your sleeve?
Dr Charles Heatley: The GP off to do battle in the war against Ebola

The GP off to do battle in the war against Ebola

Dr Charles Heatley on joining the NHS volunteers' team bound for Sierra Leone
Flogging vlogging: First video bloggers conquered YouTube. Now they want us to buy their books

Flogging vlogging

First video bloggers conquered YouTube. Now they want us to buy their books
Saturday Night Live vs The Daily Show: US channels wage comedy star wars

Saturday Night Live vs The Daily Show

US channels wage comedy star wars
When is a wine made in Piedmont not a Piemonte wine? When EU rules make Italian vineyards invisible

When is a wine made in Piedmont not a Piemonte wine?

When EU rules make Italian vineyards invisible