Shares tread water ahead of Fed minutes
Wed: Stocks were treading water for most of the session as investors awaited the minutes of the US Federal Reserve’s policy meeting in October and watched events unfolding in France. The FTSE100 rose just 10pts to 6,279.
J Sainsbury had further gains despite Citi downgrading the supermarket to ‘neutral’ on Tuesday, saying it was a “good house in a tough neighbourhood”.
Tesco also continued to rise on the back of the same broker note after it was upgraded to ‘buy’. Citi thought Tesco “has the scope to be more competitive, to rebuild its profitability and to repair its balance sheet”.
Shares in Collagen Solutions, the developer and manufacturer of medical grade collagen components for use in drugs, rose 4.35% to 9p after announcing the appointment of Jamal Rushdy as chief business officer with immediate effect.