Home news FTSE 100 edges up as Sainsbury's dips

FTSE 100 edges up as Sainsbury's dips

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Sainsbury’s was among the biggest fallers on the FTSE 100 in early Wednesday trading, following its announcement late on Tuesday that it was cutting 2,000 jobs.The supermarket chain’s share price shed 1% in reaction to the news.It plans to make 1,400 payroll and HR clerks redundant and other changes could see another 600 posts removed.Overall, the benchmark 100-share index was up 17.2 points or 0.23% at 7,533.37.The biggest gainer on the index was British Airways owner IAG, which added 1.6% on the strength of a broker upgrade.On the currency markets, sterling continued its fall, which began on Tuesday after the Bank of England’s new deputy governor indicated he was not in favour of raising rates.Speaking to MPs on the Treasury Committee, Dave Ramsden said he did not believe a rate rise would be needed “in the coming months” because wage growth showed few signs of picking up.In early Wednesday trading, the pound was down 0.16% against the dollar at $1.3169. Against the euro, it was 0.06% lower at €1.1205.
Source: BBC