Morrisons forces FTSE 100 lower

Take a look at the figures…

The London stock market opened lower today as shares in Morrisons fell more than five per cent, this is despite the supermarket reporting rising sales and profits.

The FTSE 100 was down 42.44 points at 7,292.17 in early trade.

Morrisons came out as the biggest faller on the index.

Neil Wilson at ETX Capital said: “Worries about declining basket sizes, fading consumer spending health and margin pressure from a still bitter supermarket price war are weighing heavily,”

He also added: “If the latest [sales] figures from Kantar are anything to judge, Morrisons looks very well placed to cope and continue to grow sales in the face of all these headwinds.”

The pound has fallen by 0.2 per cent against the dollar to $1.2148, as well as this it also dropped 0.2 per cent against the euro to 1.1518 euros.

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