London open: Retailers slide as sales decline

9th Jun 2011 08:21

Retailers are posting hefty losses after a raft of updates but a rally in mining stocks is helping to cushion the blow.In the FTSE 100, Marks & Spencer and B&Q owner Kingfisher are among the heaviest fallers, while South American copper miner Antofagasta rallies after declining on the back of the its production report yesterday.Ongoing difficulties at the catalogue-based retailer Argos continue to plague its owner Home Retail Group, which has announced an 8.1% fall in sales at the chain to £817m in the 13 weeks to 28 May. The shares are down by more than 12%. On a like-for-like basis, excluding the impact of new openings, sales at Argos were down by 9.6% from the same period the previous year during the period.Pressures on the UK consumer have also contributed to an acceleration in the decline in sales at Trendy sportswear retailer JD Sports Fashion, whose shares are also lower. Like-for-like sales in the period between the end of January and 4 June fell by 2.8% from the same period the previous year.But car parts and bikes retailer Halfords is doing well after it reported a solid set of full year results despite ongoing retail sluggishness, helped by improved gross margin and cost control. Underlying pre-tax profit rose 7.2% to £125.6m for the year to 1 April 2011, in line with forecasts, while group revenue increased 4.6% to £869.7m after the acquisition of its Autocentres business.Shares in African Barrick Gold rallied after it repeated its assertion that the Tanzanian government has no plans to impose a "super-tax" on the country's mining industry, pointing out that no such proposals were in the Budget the finance minister presented to parliament yesterday. Spreadbetting firm IG Group expects trading revenue for the year ended 31 May to be 7% ahead of last year, as strong growth in Europe and Singapore offset a weakening performance in Japan.FTSE 100 - RisersAntofagasta (ANTO) 1,247.00p +1.71%Kazakhmys (KAZ) 1,248.00p +1.55%WPP (WPP) 734.50p +1.45%John Wood Group (WG.) 637.50p +1.35%Weir Group (WEIR) 1,979.00p +1.18%Old Mutual (OML) 128.20p +1.18%Xstrata (XTA) 1,360.00p +1.15%Anglo American (AAL) 2,957.50p +1.13%Capital Shopping Centres Group (CSCG) 387.30p +1.10%Prudential (PRU) 718.00p +1.06%FTSE 100 - FallersKingfisher (KGF) 267.80p -2.23%Marks & Spencer Group (MKS) 366.30p -1.32%Randgold Resources Ltd. (RRS) 4,745.00p -1.08%Next (NXT) 2,236.00p -0.97%Imperial Tobacco Group (IMT) 2,123.00p -0.75%Eurasian Natural Resources Corp. (ENRC) 798.00p -0.62%Carnival (CCL) 2,293.00p -0.56%Sainsbury (J) (SBRY) 329.90p -0.45%Lloyds Banking Group (LLOY) 48.48p -0.41%Tesco (TSCO) 407.50p -0.34%FTSE 250 - RisersBetfair Group (BET) 824.00p +3.06%Bodycote (BOY) 371.20p +2.97%Telecom Plus (TEP) 598.00p +2.84%African Barrick Gold (ABG) 426.30p +2.72%Salamander Energy (SMDR) 276.40p +2.37%Lancashire Holdings (LRE) 662.50p +2.32%Halfords Group (HFD) 406.50p +2.19%Yule Catto & Co (YULC) 225.30p +2.08%Hochschild Mining (HOC) 493.00p +1.84%Stobart Group Ltd. (STOB) 137.80p +1.77%FTSE 250 - FallersHome Retail Group (HOME) 178.00p -12.01%Dixons Retail (DXNS) 18.28p -5.28%JD Sports Fashion (JD.) 935.00p -4.54%Kesa Electricals (KESA) 139.00p -2.59%JPMorgan Asian Inv Trust (JAI) 229.00p -2.55%Britvic (BVIC) 406.70p -2.28%Fidelity China Special Situations (FCSS) 100.80p -1.85%Sports Direct International (SPD) 222.90p -1.68%QinetiQ Group (QQ.) 116.60p -1.60%Centamin Egypt Ltd. (CEY) 120.00p -1.48%