FTSE 100 watch: Footsie steadies after Monday selloff

Sainsbury’s shares dip after latest Kantar data

FTSE 100 watch: Footsie steadies after Monday selloff

The UK benchmark index has advanced this Tuesday, steadying following the previous session’s hefty selloff prompted by the ongoing trade tensions between the world’s two biggest economies. In individual movers, J Sainsbury (LON:SBRY) is underperforming the FTSE 100 following the latest industry data covering the 12 weeks until June 17.

FTSE 100 steady

As of 12:16 BST, the Footsie had added 42.46 points to stand 0.57 percent higher at 7,552.48. The blue-chip index has recovered some of the ground lost yesterday when shares were sold off on the back of escalating trade tensions between the US and China.

“The selloff in risk assets has eased, but it is certainly not the last storm we are likely to see coming from that direction,” said Societe Generale’s global macro strategist Kit Juckes, as quoted by Reuters.

Individual movers

In individual stock news, shares in Sainsbury’s have given up 1.53 percent to 308.10p, after the latest numbers from Kantar Worldpanel showed that the grocer’s sales had fallen in the 12 weeks to June 17. 

“The widely followed figures on the groceries sector from Kantar make grim reading for investors in Sainsbury’s – helping to account for the slide in the share price today,” AJ Bell investment director Russ Mould commented, as quoted by Proactive Investors, adding that the disappointing performance helped “underpin the argument for Sainsbury’s tie-up with Asda which itself delivered a much better showing in the period”.

BHP Billiton (LON:BLT) meanwhile is 1.29 percent up at 1,623.40p, having announced a deal with Brazilian authorities to settle a BRL20 billion (around £4 billion) civil claim over the Samarco dam disaster in 2015.

The FTSE 100 was 0.53 percent up at 7,549.98 points as of 12:35 BST on Tuesday, 26 June 2018.

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