Supermarket Stocks Push FTSE 100 to New High

UK supermarket stocks, buoyed Morrisons' strong Christmas sales, boosted the FTSE 100 to a new all-time high

Karen Kwok 10 January, 2017 | 4:22PM
Facebook Twitter LinkedIn

The FTSE 100 has climbed to a new record high today, boosted by a rally in supermarket stocks after retailer Morrisons (MRW) reported its best Christmas sales in seven years.

The blue-chip index, which is made up of the UK’s largest 100 companies, touched a fresh record intraday high, up to 7,266 at midday and climbing higher throughout the afternoon to 7,277.

Morrisons reported a 2.9% rise in like-for-like sales excluding fuel in the nine weeks to January 1. Total sales were also up 2% despite the negative impact of store closures. The retailer added that it now expects in full-year underlying pre-tax profit to be ahead of consensus estimates, in the range of £330 to £340 million. The shares jumped to a two-year high on the results.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Morrison (Wm) Supermarkets PLC  
Sainsbury (J) PLC278.80 GBP0.00Rating
Tesco PLC277.85 GBP0.00Rating

About Author

Karen Kwok

Karen Kwok  is a Reporter for