Market overview: Retailers hold back Footsie
0845: Retailers are dragging Footsie lower. Supermarket Morrisons falls back even though it posted profits broadly in line with expectations for the six months to August 1, though warned of slow growth. Homebase and Argos owner Home Retail Group disappointed the market with its prediction that unless Christmas is a cracker this year profits are likely to be in the bottom half of the range of analysts' estimates. B&Q owner Kingfisher is down in sympathy. FTSE 100 down 12 at 5,417.
Shares are slightly lower in early dealings after updates from the retail sector were given a frosty reception.
Spread-betting firm IG Group saw higher revenues in the three months to August 31, but said that volumes were subdued in the second half of that period and warned that future trends remain difficult to predict.
Music and DVD retailer HMV posted a 10.6% decline in first quarter sales as potential customers were distracted by the World Cup.