Britain’s FTSE 100 fell on Wednesday, led by the losses in non-life insurers and a drop in Sainsbury’s shares following its earnings update, while investors awaited comments from Bank of England (BoE) Governor Andrew Bailey later in the day.
The blue-chip FTSE 100 index was down 0.3% as of 0815 GMT, while the midcap FTSE 250 index was flat.
Non-life insurers fell 0.7%, but the main driver of losses were the shares of Sainsbury’s that dropped 3.2% to the bottom of FTSE 100.
Britain’s second biggest supermarket group kept its profit forecast for the full year, following a 7.4% increase in underlying sales in the key Christmas quarter.
Precious metal miners drag FTSE 100 lower
Limiting the declines, Greggs soared 9.4% as the British baker reported a better-than-expected 9.4% rise in like-for-like sales in the fourth quarter, diven by the demand for seasonal products.
Persimmon rose 2.6% even as the British housebuilder acknowledged that housing market conditions would remain challenging this year amid broader economic woes.
The broader homebuilders index climbed 0.8%. Meanwhile, BoE’s Bailey is due to speak at 1515 GMT, addressing questions from the House of Common’s Treasury Committee about the central bank’s half-yearly Financial Stability Report.
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