Battering continued this morning of the supermarkets after Morrisons joined Sainsbury in announcing tough times, helping send the FTSE 100 index down about 10 points to 4,414.
Morrisons has slumped 38.75p, or 17% to 186.5p on statements the Safeway stores it bought are less profitable than thought.
Sainsbury is down 7.25p to 261.25p as its feud with investors over bonuses paid to its former chairman and others continues.
Even Tesco, the biggest UK supermarket is not immune, shedding 4.75p to 257.75p.
Friends Provident is down 7.75p to 138p after the announcement its asset management subsidiary ISIS is to merge with Foreign & Colonial through a reverse takeover to create a fund manager overseeing about £120bn in assets.
Legal & General is up 1.5p to 96p after announcing profits will need to be reduced to reflect increasing longevity.
Aviva is up 4p to 575p. US indices fell overnight partly driven by news US car makers have lost further market share to Asian competitors, and because China is about to ban foreign, mostly US, films from being show over the summer in a bid to support domestic film makers.
The Dow Jones Industrial Average index dropped 101.32 points to 10,334.16. The S&P 500 index slipped 11.90 points to 1,128.94.
Stocks slid in Asia too. Tokyo’s Nikkei 225 index fell 174.52 points to 11,721.49 this morning, while Hong Kong’s Hang Seng index is down about 67 points to 12,217.IFAonline
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