Market News & Analysis
FTSE regains ground as oil prices settle
Fiona Cincotta September 17, 2019 9:47 AM
Sainsbury’s shares firm despite sales drop
It is a sign of the times that the latest sales figures for Sainsbury were headlined with “Sainsbury outperforms rivals.” What the headline didn’t mention is that the supermarket’s sales actually declined in the last three months and only the fact that they fell less than those of its peers earned the group this headline.
In less Brexit-addled times Sainsbury’s shares would have actually declined on the news but this morning the supermarket’s shares managed to rise instead, up nearly 0.7%. Traders were less forgiving with Morrison (Wm) and Marks & Spencer, both of which are trading lower.
Sterling continues its long slow decline, slipping below 1.24 against the dollar and weakening 0.33% against the euro. Some exasperation with the pound is being relieved with a burst of activity in the oil currencies which have attracted far more traffic since the weekend attack on Saudi oil facilities with the likes of Norwegian krone and the Canadian dollar capitalising on the sharp spike in the oil price.
Please note this product may not be available to trade in all regions
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.