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FTSE 100 Up Marginally; Sainsbury Rises After Announcing Buyback Program

RTTNews | 83 days ago

FTSE 100 Up Marginally; Sainsbury Rises After Announcing Buyback Program

(RTTNews) - U.K. stocks are modestly higher on Tuesday, led by gains in retailers and consumer staples stocks, even as the mood remains cautious amid lingering concerns about global economic growth due to trade tensions following the U.S. government's highly protectionist trade policy.

The stand-off between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell is also contributing to the subdued mood in most of the markets across Europe.

The benchmark FTSE 100, which advanced to 8,317.42 earlier, is up 11.77 points or 0.11% at 8,287.43 about half an hour before noon.

Sainsbury (J) is gaining about 3.2%. The merchandise retail company has confirmed the launch of a share buyback program worth up to 200 million pounds.

Tesco is rising 2.7% and Vodafone Group is up 2.6%, while Frenillo is advancing 2.3%.

EasyJet, Unilever, Endeavour Mining, Barratt Redrow, Aviva, Babcock International, Land Securities, Unite Group, BT Group, M&G, Kingfisher, Persimmon and Diageo are up 1 to 2%.

DCC is down nearly 4%. The sales and marketing services provider announced the sale of its healthcare division to HealthCo Investment Limited for £1,050 million.

Entain, Polar Capital Technology Trust, Diploma, Rentokil Initial and Intermediate Capital Group are down 2 to 2.8%. AstraZeneca is down by about 0.6%. The pharma major reported positive results for its breast cancer treatment Enhertu.

Pershing Square Holdings, Scottish Mortgage, Alliance Witan, Ashtead Group, F&C Investment, Intercontinental Hotels Group, Smith & Nephew, Spirax Group, IMI and Melrose Industries are down 1 to 2%.

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