- FTSE indices were lower despite the market reacting positively to qualitative aspects of Sainsbury's disappointing Q1 sales numbers, which proved a boon for sector rivals. The Greece debt soap bubbles along. Wall St was mixed overnight and Asian bourses made mild gains.

Shortly after the open, FTSE 100 was down 11.35 points, or 0.17%, to 6742.45p. FTSE 250 was down 6, or 0.03%, to 17,833.8. At 8.39am, WTI crude was up 1.28% to $60.91/bbl. Brent rose 0.85% to $65.43/bbl. European bourses were flat. The US Federal Budget Balance is out tonight.

Sainsbury (SBRY), up 2.35% to 254.85p, said its Q1 like-for-like retail sales including fuel were down 3.7%, but excluding fuel slipped 2.1%. It reported growing volume and transaction. Tesco (TSCO) followed with a rise of 1.46% to 205.5p, with Morrisons (MRW) a jot behind.

About 65 blue chips eased, more than offsetting gainers. Weir Group (WEIR) led the way with a 2.08% slip to 1882p. Imperial Tobacco (IMT), down 1.19% to 3150p, and British American Tobacco (BATS), off 0.67% to 3400p, weighed, too. Commercial property was led south by Hammerson (HMSO), and insurers by Admiral Group (ADM).

Big banks mostly trailed HSBC (HSBA), off 0.51% to 610.55p after news yesterday of massive job cuts, but Standard Chartered (STAN) swam against the tide with a 3.34% surge to 1068.5p. Also in the blue were metals burrowers behind Anglo American (AAL), up 1.74% to 1002.5p, and house builders after Persimmon (PSN), up 1.06% to 1915p.


Reach4Entertainment (R4E), up 75.44% to 2.5p, has entered into a conditional agreement with AIB Group (UK) to restructure the company's existing £14.8m loan facility with AIB f which £0.2m was repaid in April 2015.

Dialight (DIA), down 36.63% to 472.13p, has warned underlying operating profit for 2015 will be significantly below expectations and that the results for H1 will be less than the prior year. Toumaz Ltd (TMZ), up 33.33% to 5p, has signed a co-development agreement with Google. This agreement will see the inclusion of Google's Cast-for-Audio technology in Toumaz's next generation connected audio solutions, due to ship in the H1 2016.

Motive Television (MTV), up 25% to 0.01p, said the first TabletTV US and UK apps for Android devices are available for download on the Google Playstore. Karelian Diamond Resources (KDR), up 15.56% to 1.3p, said five further pits along strike from its original discovery of kimberlite in the Kuhmo area have all intersected kimberlite.

1pm (OPM), up 17.86% to 66p, has experienced a fifth consecutive year of strong organic growth. It said FY results will show further increases in both revenue and profits compared to last year. Pretax profit would be significantly above current market views.


Ensor Group (ESR), up 9.55% to 97.5p, said FY operating profits rose 84% to £3.4m after its H2 exceeded expectations. Total revenues rose 18% to £36.1m and the group says the current year has started well.

Shoe Zone (SHOE), up 8.59% to 177p, said its H1 pretax profit fell to £2.0m, from £2.7 a year ago, and was in line with prior guidance. Revenue fell to £78.2m, from £82.9m, which reflected the planned closure of 9 loss-making stores and trading conditions towards end of period.

Cairn Homes (CRN) has successfully priced its IPO of 400m shares at 1 euro each. It expected to raise about 384.9m euros of net proceeds from the offer. It is trading at 1.06 euros. (BOO), up 4.35% to 27.13p, said sales rose to £41.3m in the three months to end-May, up 35%. UK sales were 27% up at £26.3m. It had 3.3m active customers, up 32%.

Thalassa (THAL), down 4.13% to 58p, has swung to a FY pretax loss of $12.23m, from a prior-year profit of $4.96m. Revenue was $15.52m, from $30.55m. The results included $11.71m of non-recurring costs. THAL described the year as its 'annus horribilis.'

Best of the Best (BOTB), which runs competitions to win luxury prizes both online and at retail locations, posted a FY pretax profit of £0.81m, from £0.45m last time. Revenue rose 25.7% to £8.8m, with online revenues up 57.5% at £5.0m. It rose 4.2% to 136.5p.

Other stocks in the news included Good Energy (GOOD), Sopheon (SPE), Flybe (FLYB), ServicePower Technologies (SVR), Amur Minerals (AMC), Tricorn (TCN), Utilitywise (UTW), Soco International (SIA) and Afren (AFR).

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