Sainsbury's to cut 500 jobs in discounter price war
13th Jan 2015 15:36
Sainsbury's will slash 500 jobs from store support centres in an effort to cut costs and compete with the discounters. The supermarket's plan is to save £500m over the next three years, now that new chief executive Mike Coupe is at the helm. According to the superstore, this plan will "streamline o
Read moreSector movers: Morrisons, Greggs and ASOS lead retailers higher
13th Jan 2015 14:56
The exit of frontman Dalton Philips at Wm Morrison and signs of improving sales trends at the UK grocer were welcomed by the market on Tuesday, with food retailers topping the risers list in London. Well-received trading updates from the likes of Greggs also provided a boost to the food sector, whil
Read moreFTSE 100 movers: Morrison boosted after axing CEO as grocers dominate risers
13th Jan 2015 13:46
The share price of supermarket group Wm Morrison jumped 5% on Tuesday following the news that chief executive Dalton Philips has been axed after the company delivered the worst Christmas performance of the Big Four. Like-for-like (LFL) sales excluding fuel fell 3.1% in the six weeks to 4 January.
Read moreLondon open: Retailers boost market ahead of inflation data, Morrison jumps
13th Jan 2015 08:57
Well-received updates from a host of retailers were giving UK stock markets a boost on Tuesday morning, as investors awaited some key inflation data. The FTSE 100 was up 0.2% at 6,514 early on with Wm Morrison leading the rise. Data due out at 09:30 is forecast to show that the annual rate of consu
Read moreTuesday newspaper round-up: Sellafield, ECB stimulus, Auto Trader...
13th Jan 2015 06:46
A £9bn contract to clean up the Sellafield nuclear waste is to be torn up, the government is expected to announce, writes The Times. The early termination of the contract awarded to Nuclear Management Partners in 2008, an industrial consortium including Amec Foster Wheeler, comes as the work is take
Read moreFTSE 100 movers: Supermarket stocks pull back after strong surge
9th Jan 2015 13:47
Supermarket stocks were under pressure on Friday, with Tesco in particular pulling back after a 15% surge the previous session, following the announcement of its turnaround plan and resilient Christmas sales. Dampening Tesco's shares was the news that ratings agency Moody's had cut the UK grocer'
Read moreLondon midday: Weak UK production data dampens stocks ahead of US jobs report
9th Jan 2015 11:35
Disappointing UK economic data and nervousness ahead of a key labour-market report in the States sent London's FTSE 100 lower on Friday morning, as stocks pulled back after a surge the previous session. By around lunchtime, the Footsie was trading nearly 0.7% lower at 6,527 with weakness among super
Read moreLondon open: Markets slip ahead of US data, supermarkets and housebuilders fall
9th Jan 2015 09:06
UK stocks endured a subdued start on Friday morning following a huge jump the previous session as markets paused for breath ahead of the pivotal US jobs report. The FTSE 100 was down 0.2% at 6,554 early on, with supermarket stocks pulling back after a strong rally and housebuilders hit by some negat
Read moreLondon close: UK stocks at best levels this year as Tesco jumps 15%
8th Jan 2015 16:42
London's FTSE 100 surged by 2.3% on Thursday to close at its best level this year as a massive gain in the share price of heavyweight supermarket group Tesco gave fellow retailers a lift. Increased hopes for central-bank stimulus in Europe, a stabilisation of oil prices and improving economic data f
Read moreSector movers: Supermarket stocks surge as Tesco pleases with revival plans
8th Jan 2015 15:28
The food and drug retail sector was trading nearly 10% higher on Thursday as investors gave a warm welcome to revival plans at industry giant Tesco, which reported a less-than-expected fall in sales over the crucial Christmas period. Tesco's shares were up nearly 13% at 205.3p in afternoon trade aft
Read moreFTSE 100 movers: Tesco surges on turnaround plans, M&S hit by weak sales
8th Jan 2015 14:12
Tesco's shares surged nearly 14% after it said it would cut costs substantially next year, close 43 unprofitable stores and lower prices, as chief executive Dave Lewis attempts to turn around the struggling supermarket chain. The news came as the company unveiled a "broad-based improvement" in UK tr
Read moreLondon open: Tesco leads stock surge ahead of economic data, BoE decision
8th Jan 2015 08:45
Big gains from Tesco and a strong finish on Wall Street helped drive UK markets higher on Thursday morning, as investors awaited a flurry of economic data and a policy decision by the Bank of England (BoE). Heavyweight grocer Tesco was leading the risers early on after investors applauded the superm
Read moreThursday newspaper round-up: StanChart, Oil prices, City Link...
8th Jan 2015 06:43
Banking group Standard Chartered has exited its global equities business, the Financial Times writes, "in an abrupt move that underscores the bank's efforts to cut costs and refocus its business, and is also axing another 2,000 jobs in its retail division". Brent crude on Wednesday dropped below $50
Read moreSector movers: Grocers drop as investors try to gauge duration of price war
7th Jan 2015 14:33
Grocery giant Sainsbury on Wednesday unveiled better-than-expected numbers on like-for-like sales for the third quarter. Those dropped by 1.7%, considerably less than the 3.2% drop which analysts had plugged into their spread-sheets. As Shore Capital emphasised in a research note e-mailed to client
Read moreFTSE 100 movers: Aggreko appreciates on deal, Sainsbury's outlook weak
7th Jan 2015 14:00
Shares in temporary power provider Aggreko rocketed after it signed a two-year contract with Energia Argentina and extended another deal in Africa. Aggreko will deliver an extra 150MW of diesel-fuelled power in Argentina and has additionally agreed to extend its existing 300MW of capacity with the s
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