FTSE 100 movers: Supermarkets hit by Credit Suisse note, property stocks lower

17th Jun 2015 13:35

UK stocks dipped on Wednesday, led by sector weakness in supermarkets and property, which overshadowed gains made by construction, telecommunications and mining stocks.As of 15:00 BST, the FTSE 100 was trading 0.26% lower at 6,693.Supermarket rivals Morrisons, Sainsbury's and Tesco fell after Credit Suisse initiated coverage of the sector with a negative stance, saying it sees few opportunities within a group that has historically mis-allocated capital, is faced with extreme competitive pressures and operates in a low-growth environment.Car insurer Admiral Group extended losses, after appointing Manning Rountree as a non-executive director, pending regulatory approval, on Tuesday.Property stocks were in the red, including Intu Properties, British Land, Land Securities and Hammerson.Experian gained, as it demonstrated confidence by buying back 446,279 ordinary shares at an average price of 1,206p apiece on Tuesday.Ashtead rebounded from Tuesday's gains, which came after traders and analysts pointed to profit-taking as the company beat expectations and posted a 33% rise in full-year pre-tax profit. RisersBarratt Developments (BDEV) 619.00p +1.56%Persimmon (PSN) 1,985.00p +1.33%Smiths Group (SMIN) 1,143.00p +1.24%Centrica (CNA) 270.10p +1.01%Lloyds Banking Group (LLOY) 86.55p +0.99%CRH (CRH) 1,847.00p +0.98%Ashtead Group (AHT) 1,107.00p +0.91%BP (BP.) 436.25p +0.89%BT Group (BT.A) 448.90p +0.82%Sports Direct International (SPD) 675.50p +0.82%FallersExperian (EXPN) 1,186.00p -2.31%Intu Properties (INTU) 313.30p -2.09%British Land Company (BLND) 816.50p -1.98%Land Securities Group (LAND) 1,244.00p -1.89%Hammerson (HMSO) 633.50p -1.71%London Stock Exchange Group (LSE) 2,314.00p -1.41%Hikma Pharmaceuticals (HIK) 1,888.00p -1.41%Morrison (Wm) Supermarkets (MRW) 175.20p -1.35%Marks & Spencer Group (MKS) 540.00p -1.28%Meggitt (MGGT) 473.70p -1.27%