FTSE regains ground as oil prices settle
Fiona Cincotta September 17, 2019 9:47 AM
Sainsbury’s shares firm despite sales drop
It is a sign of the times that the latest sales figures for Sainsbury were headlined with “Sainsbury outperforms rivals.” What the headline didn’t mention is that the supermarket’s sales actually declined in the last three months and only the fact that they fell less than those of its peers earned the group this headline.
In less Brexit-addled times Sainsbury’s shares would have actually declined on the news but this morning the supermarket’s shares managed to rise instead, up nearly 0.7%. Traders were less forgiving with Morrison (Wm) and Marks & Spencer, both of which are trading lower.
Sterling continues its long slow decline, slipping below 1.24 against the dollar and weakening 0.33% against the euro. Some exasperation with the pound is being relieved with a burst of activity in the oil currencies which have attracted far more traffic since the weekend attack on Saudi oil facilities with the likes of Norwegian krone and the Canadian dollar capitalising on the sharp spike in the oil price.
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