The UK benchmark index has climbed marginally higher in today’s session, despite the latest salvos in the US-China trade war. Kingfisher (LON:KGF) has tumbled to the bottom of the FTSE 100 leaderboard after its half-year results unveiled weak performance in France.
FTSE 100 steady
As of 13:06 BST, the Footsie had added 8.59 percent to stand 0.12 percent higher at 7,308.82, with investors shrugging off the latest US tariffs on Chinese imports.
“China are out of bullets, they’ve taxed all US imports, depreciated the currency, and it doesn’t seem anyone else has jumped on the bandwagon to criticise the latest tariffs,” said Christopher Peel, chief investment officer at Tavistock Wealth, as quoted by Reuters. “Their economy is export-led, they can’t afford for it to go out of control. The US can afford to let it get out of control. Trump has won this hook line and sinker.”
In individual movers, shares in Kingfisher have been sold off after the DIY retailer updated investors on its half-year performance, posting a drop in revenue and profits as it continued to suffer from poor performance at its French business.
“The performance at Castorama is weak to the extent that it has stained the overall picture,” Richard J Hunter, head of markets at Interactive Investor, commented, as quoted by Proactive Investors. Kingfisher’s shares are currently changing hands 4.02 percent lower at 253.00p.
J Sainsbury (LON:SBRY) is also underperforming the broader UK market, as the Competition and Markets Authority referred the group’s proposed merger with Walmart’s Asda to an in-depth investigation. The FTSE 100 grocer’s shares are changing hands 0.18 percent lower at 7,313.01p.
The FTSE 100 was 0.20 percent up at 7,315.07 points as of 13:30 BST on Wednesday, 19 September 2018.