Spreadex Market Update
The FTSE 100 is trading in the red this afternoon
The FTSE 100 is trading in the red this afternoon after a negative trading day for the UK’s largest supermarkets. Morrison’s share price tumbled over 22p from the open after the supermarket announced a pretax loss of £176m in the 12 months to Feb 2, 2014. This loss is a significant change in direction from the £879m profit the company recorded only a year earlier. The bad news prompted a sector-wide sell off with both Sainsbury’s and Tesco dropping a significant amount off their share price.
Retail Sales from across the pond came in as expected at 0.3% and Core Retail Sales better than expected at 0.3%. Jobless claims fell to the lowest level since November after falling by 9000 to 315k.
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