The FTSE 100 Index closed flat at 5,891.95 today as traders struggled to find direction in the absence of any surprises in the Budget or any major economic data elsewhere.
Sainsbury’s closed more than 4%, or 13.8p higher at 319.3p, after a 2.6% year-on-year rise in like-for-like sales.
The strong trading had a positive impact on Marks and Spencer, which climbed 9.5p to 389.5p, but rival Tesco suffered as Sainsbury’s boss Justin King highlighted the market share gains enjoyed by his business.
Tesco, which issued a rare profits warning at the start of this year, was off 0.5p at 332.3p.
Building material firm Wolseley was another top riser, with shares adding 65p at £25.58 – a rise of nearly 3% – as it raised its expectations for the company’s performance in the US market.
Heavily-weighted miners were among the fallers dragged down by fears over global growth, with Eurasian Natural Resources dropping 20p to 643.5p and BHP Billiton shedding 18p at £19.47.
Scottish engineer Weir Group was the biggest faller after a profits warning from US energy service giant Baker Hughes. Weir’s shares were down 6%, or £1.23 at £18.59.
In the FTSE 250 Index, Debenhams climbed for a second session in a row after a strong update yesterday. Shares were 2%, or 1.8p higher at 78.3p.
Dixons Retail Group, the owner of Currys and PC World, rose 1.3p to 18.8p after Game Group suspended its shares and announced its intention to appoint an administrator.
Meanwhile, there was cheer in the housebuilding sector despite the threat that a stamp duty raid on houses worth £2million or more could derail the market’s fledgling recovery.
Bovis Homes led the way with a rise of 15.6p to 508.5p, while Barratt Developments was 6.3p higher at 148.8p.
David Barclay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted STV Group up 6.94% to 113.5p and Cairn Energy gaining 1.26% at 346.2p.
Faroe Petroleum closed 5.28% higher at 158.5p, Hunting lost 1.85% to 925.52p and Standard Life shed 3.55% to 236.5p.
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