Source - SMW
UK stocks opened higher on Wednesday after Lloyds and Glencore unveiled bumper buybacks, but supermarket giant Sainsbury's tumbled as regulators questioned its proposed merger with Asda.

At 0858, the benchmark FTSE 100 was up 23.55 points, or 0.3%, at 7.202.72.

Sainsbury's fell 13% after the UK Competition and Markets Authority expressed 'extensive' concerns with the Asda tie-up, putting the deal in doubt.

Lloyds Banking Group added 3.0% on launching an up to £1.75bn buyback and booking a rise in annual profit that nevertheless missed market expectations.

Glencore gained 0.9%, as it launched a $2bn buyback after also improving its earnings.

Shopping centre operator Intu Properties shed 8.2% after swinging to a loss for the full year, as a challenging retail backdrop and Brexit uncertainty hurt sentiment and reduced property values.

Cleaning products supplier McBride plunged 30% as it warned of a fall in annual profit of up to 15% amid higher raw material and distribution costs.

Pharmaceutical company Indivior launched a generic version of its opioid addiction treatment in the US to counter the launch of copycat products by rivals. Its shares fell 0.5%.

Surgical Innovations, a technology supplier for minimally-invasive surgery, reversed 1.7% on confirming that it had reassigned its product certification to the Netherlands as a precaution against a possible no-deal Brexit.

Cell-based therapeutics developer ReNeuron gained 8.8% on news that it had recorded successful results in a clinical trial of a treatment for the blindness-causing disease retinitis pigmentosa.

San Leon Energy jumped 18% after it launched a share buy back of up to $30m by way of a tender offer.

Pan African Resources fell 1.9% despite posting a 30% rise in first-half profit owing to higher gold production.