Sainsbury’s, Lookers and AstraZeneca

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“The FTSE100 edged down in early trading as Brexit talks between the UK and the European Union resume. Wall Street was held back by concerns President Trump's tax reforms could be delayed,” says AJ Bell Investment Director Russ Mould.

“Supermarket giant Sainsbury’s was one of the biggest blue-chip fallers in early trading after wage inflation hit its first half results. Underlying pre-tax profits were 9% lower than a year ago but customer numbers are up and the group has exceeded its cost-saving targets. Sainsbury’s was also buoyed by its online business with grocery sales up by 7% and the clothing sales up by 54%.Sainsbury’s shares were down by more than 2%

“Car dealer Lookers was an early riser following positive trading in the third quarter and a solid result during the important month of September. The new car market has softened since April but Lookers remains on track to meet its full-year forecasts having increased its gross profit from new cars by 15% in the first nine months. New car margins and profit per unit for both new retail and fleet cars were higher than a year ago. The group’s shares were up by over 4.5% in early trading.

“Pharmaceutical group AstraZeneca topped the FTSE100 in early trading after core operating profits rose by 9% to $1,853m in the third quarter. AstraZeneca has seen strong growth in emerging markets with standout sales in China. AstraZeneca’s shares were up by more than 2.2%.”

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