Telecoms group Vodafone was under pressure for the second session in a row as the FTSE 100 Index slid into the red today.
A day after £8bn was wiped off the mobile phone giant on the back of problems in Japan and cautious comments on revenues and margins, shares in Vodafone fell a further 1.5p to 127.75p.
With the rally by Sainsbury’s shares since late last month also grinding to a halt, the FTSE slipped 9.4 points to 5430.2 in the first hour of business.
Investors in Sainsbury’s banked profits even though the group reported 2.1% sales growth in its first half and further progress in its turnaround strategy.
Sainsbury’s fell 4.75p to 287p, but traders had not completely lost their appetite for the grocery sector as Tesco added 0.25p to 310p and Morrisons ticked 0.5p higher to 174.25p.
Commercial property developers were dominating the risers board on the back of strong half-year results from Land Securities.
Upbeat comments on the outlook for the sector against a mixed economic background pushed Land Securities ahead by 5% or 72p t1575p, while British Land lifted 33.5p to 1006.5p and Hammerson gained 19.5p at 991.5p.
Elsewhere, music giant EMI advanced 1.5p to 217.5p after pre-tax profits of £41m were slightly ahead of expectations and it flagged the rapid growth in digital revenues.
References: EGi News 16/11/05
