By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- The U.K.'s FTSE 100 index ended lower
for a fourth straight day on Wednesday, marking the longest losing
streak in almost two months as supermarket operators and Unilever
PLC added pressure on the benchmark.
The FTSE 100 index gave up 0.4% to 6,437.50, the lowest closing
level in a month.
Tesco PLC (TSCDY) pared earlier steep losses and ended 0.3%
lower after reporting a decline in first-half net profit, as it
struggles to regain its footing in the U.K. and faces sales
declines in international markets.
Another food retailer, J Sainsbury PLC gave up 1.3%, failing to
get a boost from stronger sales numbers in the second quarter. The
firm said it was the only major supermarket to expand its market
share during the period, adding that its online grocery business
grew over 15% during the quarter.
Unilever (UL) also added pressure in London, down 1.7%, after
UBS cut the consumer-products firm to neutral from buy, citing
slowing demands in emerging markets on top of currency
weakness.
"Whilst this does not invalidate the long term structural EM
growth story, perhaps the market needs to revisit the growth
algorithm one should apply. With Unilever positioning itself as
'the' emerging market company it will unavoidably find itself in
the middle of this debate," the analysts said.
Bucking the negative trend in London, shares of Barclays PLC
added 1% after Société Générale lifted the bank to buy from hold,
according to Dow Jones Newswires.
Mining firms were further on the rise, tracking most metals
prices higher. Shares of Vedanta Resources PLC gained 1.4%, Anglo
American PLC picked up 1.2%, BHP Billiton PLC (BHP) climbed 1.2%
and Rio Tinto PLC (RIO) rose 1.1%.
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