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 96...
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