The FTSE 100 climbed almost 42 points yesterday, finishing the day at 5,473, 0.76% up overall. Randgold Resources was the biggest climber, up +2.95% with ICAP just behind at +2.73%.Overnight, Japan's Nikkei climbed +0.3% while Hong Kong's Hang Seng and the Shanghai Composite Index traded flat.
We commence with a trading update from Sainsbury's. Despite close competition from all sides - increasingly too from players like Aldi and Lidl - Sainsbury's saw like-for-like sales growth of 1.4% for the three months up to 9 June with sales at smaller stores climbing 16%.
Some of this uptick is put down to a Jubilee boost, as some consumers decided to celebrate and stock up. The quarter was characterised by five bank holidays, a royal event and periods of bad weather. Consistent performance year-on-year puts two year like-for-like sales growth at 3.3 per cent, claims Sainsburys.
"We are gaining market share in our core general merchandise and clothing categories. Non-food continues to grow faster than food, and the quarter saw the strongest ever sales week on clothing," said chief exec Justin King. "In particular, the fourth collection of our Gok for TU womenswear looks set to be our most successful to date."
Next up, an interim from JD Sports. Cumulative like-for-like sales for the 19 weeks ended 9 June 2012 improved marginally to +1.5% (Sports Fascias +1.2%; Fashion Fascias +3.0%). Gross margins continue to be under pressure says JD Sports but trading is "in line with expectations".
"This margin pressure and the additional overhead within the group to support International Retail, Brands and Licensing and Multichannel Development will as previously reported impact core retail results, particularly in the first half."
As far as the Blacks acquisition goes, the company says the anticipated level of the operating loss in the current year is £10 million with the potential for a further up to £5 million charge for restructuring.
"It is difficult to be more precise on the short term outlook, but we remain of the view that Black's market position can be exploited profitably in the medium term. Our immediate priority is to significantly improve the customer proposition."
Finally, Scottish oil and gas player Cairn Energy has confirmed its takeover of North Sea oil producer Nautical Petroleum. Cairn offers 450p per share, a 51% premium on Nautical's price on the trading day before the bid announcement.
"The Cairn Directors believe that the acquisition of Nautical is an attractive opportunity to expand its existing portfolio in North-West Europe and to continue its strategy of balancing its transformational exploration portfolio with appraisal and development assets."
Source: money.aol.co.uk
Sussex hosepipe ban is lifted - Chichester Observer
SOUTHERN Water has today (Wednesday, June 13) lifted water restrictions in Sussex.
The temporary use ban was brought in on April 5 following two exceptionally dry years.
The introduction of restrictions, for the first time in five years, was quickly followed by downpours for the rest of April, which was the wettest on record.
The company said because the wet weather continued throughout May and into June this has helped boost water sources and keep down demand for water.
Southern Water’s four reservoirs are all more than 80 per cent full, some 35 per cent higher than they were at the start of March, and there has been some recharge of underground water supplies. Some sources are still below average for this time of year but the majority are no longer in drought status.
Water quality and strategy manager Meyrick Gough, said: “While our focus remains firmly on helping to deal with the aftermath of the torrential rain and flooding in the south over the last few days it is also right for us to lift the water restrictions.
“Our supplies have been topped up by the wet weather and are now in a much stronger position going into the summer than they were when we introduced the restrictions in early April. However, with the underground sources, which supply the vast majority of our customers, still below average for this time of year, we are asking our customers to continue with their efforts to use water wisely and not waste water.
“We have seen a great response from customers and demand has dropped considerably as a result of the wet weather and customers doing their bit and we are very grateful for their continued support.”
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