FTSE 100 watch: Footsie falls as investors digest corporate news

The FTSE 100 index has retreated in today’s session, with investors digesting a string of corporate news. J Sainsbury (LON:SBRY) has been one of this Thursday's most prominent blue-chip fallers as the Competition and Markets Authority (CMA) blocked the group’s proposed tie-up with Walmart’s Asda.

Blue-chip index slips lower

As of 12:27 BST, the UK benchmark index had given up 38.08 points to stand 0.51 percent lower at 7,433.67. The Footsie has been pressured by downbeat falls from the US and Asia, as well as by several blue-chips going ex-dividend in today’s trading.

Individual FTSE 100 movers

FTSE 100 company releases, however, have been at the forefront of investors’ minds today, with the CMA blocking Sainsbury’s deal with Asda. The watchdog’s decision has sent Sainsbury’s shares tumbling 4.06 percent to 217.41p.

“Confirmation that the competition watchdog has blocked Sainsbury’s planned merger with Walmart-owned Asda will surprise no-one after its forthright interim report in March made clear its deep reservations about the deal,” said Tom Stevenson, investment director at City investment firm Fidelity, as quoted by Proactive Investors.

Taylor Wimpey (LON:TW) has been another prominent Footsie faller after disclosing that it had seen higher-than-expected cost inflation early this year. The housebuilder’s shares have given up 3.38 percent to stand at 185.75p.

Barclays (LON:BARC) meanwhile is trading 3.09 percent lower at 161.24p after reporting that its profit had fallen in the first quarter of the year, while its investment banking business had generated smaller returns. Blue-chip peer Royal Bank of Scotland Group (LON:RBS) is also deep in the red after announcing that its chief executive officer Ross McEwan was stepping down. The bailed-out lender’s shares are 2.30 percent worse off at 250.80p.

The FTSE 100 index was 0.53 percent down at 7,432.21 points as of 12:41 BST on Thursday, 25 April 2019.