Sector movers: Market
J Sainsbury's reported a 28% rise in full-year pre-tax profits, but said it expects the market to remain 'intensely competitive'.
The supermarket giant's underlying pre-tax profit rose to £488m in the 52 weeks to 22 March from £380m last time, more than double the £238m reported for the year to March 2005, which was prior to group's recovery plan.
Total retail sales are up 5.8% to £19.29bn compared with £18.23bn previously, while like-for-like sales, excluding fuel, increased by 3.9%.
The group is recommending a final dividend of 9p per share, making the full year dividend 12p, an increase of 23.1% compared to last year.
"Consumer budgets are clearly under pressure and we expect the market to remain intensely competitive. Sainsbury's is now a much better business able to compete and grow in this challenging environment," said chief executive Justin King.
Shares in Australasia-focused gold miner Greatland Gold slumped in early trading Wednesday after it said drilling at its Warrentinna goldfield in Tasmania showed lower mineralisation than had been reported from surface sampling.
However, it said drilling still indicates the potential for a large gold resource, adding that it was cheered by high commodity prices.
"Commodity prices remain robust and demand for raw materials is strong," Greatland said.
"Gold remains favourably priced at above US$850 per ounce and the company has ample cash to continue its exploration activities through 2008."
Top performing sectors so far today
Mining 29,487.40 +3.53%
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Software & Computer Services 482.60 +1.81%
Technology Hardware & Equipment 223.60 +0.95%
Industrial Engineering 3,799.80 +0.81%
Industrial Metals 10,075.10 +0.76%
Bottom performing sectors so far today
Construction & Materials 4,802.60 -2.22%
Industrial Transportation 2,989.60 -1.97%
Food & Drug Retailers 4,935.70 -1.68%
Household Goods 6,387.20 -1.61%
General Retailers 1,628.30 -1.43%
