London close: Supermarkets lead stocks lower
Supermarkets led London's top flight lower on Tuesday after figures revealing three of the UK's biggest players losing sales and market share.
Sainsbury's fell 15p to 263.8p after research group Kantar Worldpanel released data showing sales at the chain dropped 1.8% in the 12 weeks to 14 September, while Morrisons' sales dipped 1.3%, dragging its shares down 4.4p to 174.6p.
Shares in Tesco, which on Monday was forced to revise its profit forecasts after an accounting error, reversed 8.5p to 194.5p as its sales declined 4.5%.
Trader David White at Spreadex said: "Investors are today saying of the supermarkets that the rate at which earnings will change over time is increase to the downside."
The FTSE 100 Index tumbled 97.55 points to 6676.08 by the close as eurozone purchasing managers index (PMI) data showed the slowest rate of growth in European business activity so far this year, although Chinese PMI figures were better than expected.
The Chinese news buoyed miners, which were among the few risers. Rio Tinto lifted 49.5p to 3108p, Randgold Resources gained 47p to 4312p, miner and commodity trader Glencore increased 2.35p to 344.25p and BHP Billiton moved 11p higher to 1741.5p.
Investors reduced stakes in health stocks on news that the US will act against inversion deals aimed at cutting the tax US corporations pay by moving their bases to countries with lower corporation tax.
AstraZeneca fell 163.5p to 4414p, Smith & Nephew backtracked 30p to 1038p, Shire eased 130p to 5100p and GlaxoSmithKline was 21.5p off at 1422p.
Sweetener group Tate & Lyle soured 122.5p to 610p after it blamed severe US weather and the temporary shutdown of a plant in Singapore for higher costs and a profit warning.
Imperial Leather group PZ Cussons slipped 10p to 370p despite reporting a strong performance in its UK washing and bathing division between June and September.
Market Movers
techMARK 2,804.69 -1.63%
FTSE 100 6,676.08 -1.44%
FTSE 250 15,533.71 -1.34%
FTSE 100 - Risers
Rio Tinto (RIO) 3,108.00p +1.62%
Randgold Resources Ltd. (RRS) 4,312.00p +1.10%
Glencore (GLEN) 344.25p +0.69%
BHP Billiton (BLT) 1,741.50p +0.64%
London Stock Exchange Group (LSE) 1,909.00p +0.63%
Carnival (CCL) 2,443.00p +0.25%
Anglo American (AAL) 1,428.50p +0.14%
FTSE 100 - Fallers
Sainsbury (J) (SBRY) 263.80p -5.38%
Tesco (TSCO) 194.50p -4.19%
Schroders (SDR) 2,363.00p -3.90%
Rolls-Royce Holdings (RR.) 965.50p -3.74%
AstraZeneca (AZN) 4,414.00p -3.57%
GKN (GKN) 330.30p -3.45%
IMI (IMI) 1,278.00p -3.40%
Smiths Group (SMIN) 1,260.00p -3.30%
United Utilities Group (UU.) 814.00p -3.27%
Weir Group (WEIR) 2,515.00p -3.01%
FTSE 250 - Risers
Just Eat (JE.) 311.60p +3.87%
JD Sports Fashion (JD.) 446.00p +3.72%
Card Factory (CARD) 225.00p +3.69%
Polymetal International (POLY) 483.30p +2.16%
Zoopla Property Group (WI) (ZPLA) 245.30p +2.00%
AL Noor Hospitals Group (ANH) 1,048.00p +1.75%
Enterprise Inns (ETI) 120.60p +1.60%
Bank of Georgia Holdings (BGEO) 2,498.00p +1.59%
Go-Ahead Group (GOG) 2,481.00p +1.56%
Fidessa Group (FDSA) 2,262.00p +1.53%
FTSE 250 - Fallers
Tate & Lyle (TATE) 610.00p -16.72%
IP Group (IPO) 210.10p -5.40%
Ocado Group (OCDO) 281.60p -5.19%
International Personal Finance (IPF) 489.00p -4.77%
Lonmin (LMI) 192.50p -4.66%
Soco International (SIA) 385.90p -4.65%
Hays (HAS) 119.70p -4.24%
Foxtons Group (FOXT) 221.00p -4.12%
RPS Group (RPS) 274.00p -3.99%
Fenner (FENR) 332.20p -3.88%
FTSE TechMARK - Risers
Innovation Group (TIG) 28.50p +3.64%
SDL (SDL) 347.00p +3.12%
XP Power Ltd. (DI) (XPP) 1,549.00p +1.51%
Optos (OPTS) 206.75p +1.10%
NCC Group (NCC) 202.00p +0.62%
KCOM Group (KCOM) 96.50p +0.52%
Promethean World (PRW) 32.25p +0.39%
E2V Technologies (E2V) 160.00p +0.31%
Anite (AIE) 89.25p +0.28%
FTSE TechMARK - Fallers
Dialight (DIA) 871.50p -4.44%
Triad Group (TRD) 11.50p -4.17%
Torotrak (TRK) 16.75p -2.90%
Ricardo (RCDO) 651.00p -2.33%
Vectura Group (VEC) 130.50p -1.69%
BATM Advanced Communications Ltd. (BVC) 16.38p -0.76%
Skyepharma (SKP) 311.00p -0.64%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 196.55 -0.01%