FTSE 100 falls as supermarket shares lose ground

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FTSE 100 Index

Last Updated at 19 Oct 2017, 15:21 GMT *Chart shows local time FTSE 100 intraday chart
value change %
7523.04 -

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Smurfit Kappa Group

2240.00 p +


4299.00 p -
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FTSE 250 Index

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(Close): A number of disappointing company results, combined with news of fines for banks following a probe into forex trading, pulled the market lower.

The benchmark FTSE 100 index closed down 16.36 points at 6611.04.

Capita's shares fell 6.5% after the outsourcing group released its latest trading update.

The company said organic sales were on track for growth of 8%, but analysts cited concerns about a possible slowdown in the rate of new contracts.

Elsewhere, Sainsbury's fell 1.1% after the supermarket reported a half-year loss as it reined back plans for new stores.

The retailer added it would invest £150m in price cuts, and said like-for-like sales in the sector were set to be negative "for the next few years".

Among Sainsbury's rivals, shares in Tesco fell 1.8% while Morrisons ended the day 0.6% lower.

Bank shares fell after UK and US regulators fined five banks a combined £2.6bn for traders' attempted manipulation of foreign exchange rates.

HSBC and Royal Bank of Scotland were two of the six banks fined. Shares in HSBC fell 0.3% and RBS dropped 1%.

Shares in Barclays - which has not yet announced a settlement with regulators - fell 2.2%.

G4S rose 2.1% after it reported rising revenues and the sale of a US business for $135m.

The security firm reported a 4.2% rise in revenues for the first nine months of the year.

On the currency markets, the pound fell as analysts pushed back expectations of the next UK rate rise following comments from the Bank of England.

The Bank warned that inflation could fall below 1% in the next six months, and was not expected to reach the targeted rate of 2% for three years.

The pound fell 0.65% against the dollar to $1.5817 and dropped 0.54% against the euro to €1.2691.