FTSE sees small declines after strong trading
by Brian Turner
In London on Tuesday, the FTSE 100 lost 0.2 percent to 5,416.4, while the FTSE 250 closed nearly flat at 7,929.8. Volume was at 3.3 billion shares traded.
Some of the decline was attributed to a slowing of mergers and acquisition rumors that have been a driving force in the market recently. In addition, investors seemed concerned about the possible effect of higher oil prices on business.
This was emphasized by a warning from supermarket chain Tesco that second-half profits could be impacted by rising oil costs. The warning sent shares in Tesco down 4 percent by the end of trade, to 313½p, despite interim profits that were in line with predictions.
The Tesco warning sent shares in other chain retailers down as well. Marks and Spencer dropped 0.6 percent to 345¼p, Wm Morrison fell 2.3 percent to 178p, and J Sainsbury was down 2.8 percent to 275p. Woolworths declined by 3.6 percent to 33¾p ahead of their interim results, which were scheduled to be released today.
Elsewhere, BG Group fell by 1.2 percent to 532½p after Norsk Hydro, which had been rumored to be interested in purchasing BG Group, bought US company Spinnaker Exploration instead.
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