Sainsbury and Boots stuttered today as the City bailed out of the stocks on news their forward earnings and profits are not going to meet forecasts, helping send the FTSE 100 index down 16.10 points to 4,357.50 by the close.
Sainsubury dropped 22.25p to 259.5p after announcing it would sell assets in the US market, pay a special dividend on half the cash raised, and use the other half to fight back in the UK market. Boots fell 88.5p to 626p after announcing its profits will be cut by about £140m this year as it modernises shops to compete with brands such as Tesco. Bunzl fell 19.75p to 448.5p after making a statement saying it was no longer bidding for vending machine maker Autobar. British Airways gained 9.5p to 280p after CSFB said recent market reactions to the stock were too negative. Mining sto...
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