Sainsbury's leads FTSE 100 lower, housebuilders hit by Taylor Wimpey warning

  • Reuters
  • Stock Market News
Sainsbury's leads FTSE 100 lower, housebuilders hit by Taylor Wimpey warning
Credit: © Reuters.

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* FTSE 100 down 0.7 pct

* FTSE 250 down 0.5 pct

* Housebuilders dive after Taylor Wimpey's margin warning

* Sainsbury's slumps after ditching Asda takeover

* Carpetright sky-rockets on upbeat Q4

April 25 (Reuters) - British shares were in the red on Thursday as Sainsbury's shares soured after the company scrapped its proposed takeover of Walmart's Asda while Taylor Wimpey's warning on margins whacked housebuilders across the board.

The FTSE 100 .FTSE lost 0.7 percent and the FTSE 250 .FTMC down 0.5 percent by 0730 GMT.

Taylor Wimpey TW.L shed 6.6 percent after it warned full-year margins would be slightly lower than last year as it cost more to build homes. blue-chip housebuilders slipped after the update from Britain's third-largest homebuilder. Persimmon PSN.L fell 4 percent, Barratt BDEV.L gave up 3.3 percent and Berkeley BKGH.L lost 2.3 percent.

Sainsbury's SBRY.L tumbled 6 percent to a near three-year low after the supermarket chain scrapped its proposed 7.3 billion pound takeover of Walmart-owned Asda WMT.N after the deal was blocked by Britain's competition regulator. of rivals Tesco TSCO.L , Morrisons MRW.L and Ocado OCDO.L were down between 1.6 percent and 2.1 percent.

Barclays' BARC.L first-quarter profits fell 10 percent as tough market conditions led to lower earnings at its under-pressure investment bank, sending shares down 1.3 percent. trading ex-dividend also dragged the main bourse lower. Legal and General LGEN.L gave up 4.9 percent, miner Antofagasta ANTO.L shed 3.3 percent and Glencore GLEN.L fell 2.5 percent.

Housebuilders on the mid-cap index were also left reeling after Taylor Wimpey's statement. Bovis Homes BVS.L skidded 5.4 percent while Redrow RDW.L , Bellway BWY.L and Crest Nicholson CRST.L all fell at least 4 percent.

Tullow Oil TLW.L sank 5 percent after lowering 2019 output guidance due to problems at its Ghana fields. small stocks, flooring retailer Carpetright CPRC.L surged 47 percent on track for its best day in almost 26 years as it saw significant improvement in UK like-for-like sales in its latest quarter, indicating that restructuring efforts were beginning to pay off.

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