|CATEGORY: SECTOR REVIEW
Thu 08 Nov 2018
LONDON (SHARECAST) - (Sharecast News) - Investors were stocking up with supermarket shares and other retailers on Thursday, while mobile telecoms were getting no signal.
After results from Sainsbury's failed to disappoint the market, despite the orange-branded supermarket group performing the worst of its peer group in practically every monthly industry data snapshot this year, investors decided that the wider sector can't be in too bad shape.
Sainsbury's shares jumped on the back of a 20% profits jump beating City expectations, before falling sharply and then steadily creeping higher as the results were pored over in more detail. Tesco's and Morrisons shares outperformed their rival, as investors read across, perhaps focusing on Sainsbury's poor clothing and grocery sales.
The mobile telecoms sector fizzled lower as satellite specialist Inmarsat reported much better than expected third-quarter profits but commentary around the maritime business was poor, with the company losing market share to competition in the core Fleet Broadband business.
Mobile phone giant Vodafone was down as rival Deutsche Telekom's boss welcomed a request by Germany's cartel office to probe the UK company's proposed takeover of Liberty Global's German unit. The deal is currently being looked at by the European Commission.
"I expressly welcome this," said Tim Hoettgess said of the request regarding the deal.
Top performing sectors so far today
Fixed Line Telecommunications 2,949.61 +2.27%
Food Producers & Processors 7,562.33 +1.55%
General Retailers 2,291.03 +1.55%
Software & Computer Services 1,681.69 +1.47%
Banks 3,903.17 +1.34%
Bottom performing sectors so far today
General Industrials 5,765.38 -0.93%
Mobile Telecommunications 3,280.01 -0.92%
Automobiles & Parts 8,387.26 -0.77%
Chemicals 14,242.93 -0.72%
Electronic & Electrical Equipment 6,146.59 -0.52%