ITV, Sainsbury and JD Wetherspoon

“The FTSE100 opened in negative territory with investors looking to UK construction and eurozone economic growth data and the US Federal Reserve's interest rate decision tonight,” says AJ Bell Investment Director Russ Mould.

“ITV’s shares fell in early trading following chief executive Adam Crozier’s decision to step down after seven very successful years. Crozier has turned the business around in that time and built a more global and diversified organisation which, crucially, is far less reliant on advertising. ITV has been seen as a takeover target for some time and speculation over a possible bid is likely to intensify during what might be seen as a power vacuum pending the appointment of Crozier’s longer term successor. ITV’s shares fell by over 1.3%.

“Supermarket giant Sainsbury was one of the biggest blue-chip fallers after it cut its full-year dividend following a fall in pre-tax profits. The group’s results reflected price cuts and cost inflation which were partly offset by cost savings of £130m and a £77m contribution from Argos. The grocery market remains fiercely competitive and investors will be concerned that Sainsbury’s marker share slipped from 16.5% to 16.1% in the 12 weeks to 23 April. Sainsbury’s shares were down by more than 2.1%.

“Pub group JD Wetherspoon’s shares rose after like-for-like sales increased by 4.0% in the 13 weeks to 23 April. The company, though, remains cautious as it expects significantly higher costs in the second half of the financial year, mainly for business rates, utility taxes, excise duty and labour. The group’s shares were up by over 2.5% in early trading.”

These articles are for information purposes only and are not a personal recommendation or advice.