The FTSE 100 dips lower early on after China announced plans overnight to impose tariffs on $34bn of US imports ahead of tariffs of a similar scale due to be imposed on Chinese goods in the US on Friday. The index is down 0.3% at 7,569.26.
Supermarket chain Sainsbury's (SBRY) posts a 0.8% rise in first-quarter sales, excluding fuel, against a forecast 0.1% decline.
The shares are up 0.6% to 320.6p as the firm says price cuts had attracted more customers.
On a like-for-like basis, sales in the three months through June rose 0.2%. Grocery sales grew 0.5%, while general merchandise sales grew 1.7%, which the company says outperformed the market.
Anglo American (AAL) rises 2.6% on media speculation that 19.35% shareholder Volcan Investments wants to acquire control of Anglo’s South African interests and merger them with Vedanta Resources (VED). Volcan made a takeover offer for Vedanta earlier this week.
Shares in National Express (NEX) tick up 0.9% to 401p as it unveils a major bus contract in the cities of Rabat, Sale and Temara in Morocco.
The 500-bus contract, expected to carry 109m passengers a year across 61 routes, would source an anticipated €1bn of revenue over its life, the company said.
It was initially for 15 years, with an option of a further seven-year extension, with services commencing within a year.
Building products supplier SIG (SHI) falls 1.1% to 136.9p as it posts a 0.6% rise in first-half revenue from continuing operations, driven by favorable currency movements that offset a drag caused by nasty winter weather.
On a like-for-like basis, revenues are flat on-year, which the company partly blames on fewer working days.
Like-for-like revenues in the UK and Ireland slide 3.1%, reflecting an improved performance during May and June following the poor weather conditions earlier in the year.
Oil major BP (BP.) agrees with ConocoPhillips to both increase its stake in the Clair field, and to sell its entire stake in the Kuparuk and satellite oilfields in Alaska.
BP would increase its stake in Clair field -- BP's North Sea business in the UK - by 16.5% to 45.1%, leaving ConocoPhillips with just a 7.5% stake.
A major second development phase, Clair Ridge, is expected to start production later this year with production capacity of 120,000 barrels of oil equivalent a day.
Flooring retailer Topps Tiles (TPT) slips 2.4% to 61.5p as it says like-for-like sales in its fiscal third quarter fell by 2.3%, reflecting a weaker consumer environment.
Ceramic products manufacturer Churchill China (CHH:AIM) gains 8.2% to £10.60 as it says it expects full-year performance to top its previous expectations after achieving better-than-expected levels of growth in Europe in the six months through June.
Wealth management and employee benefits business Mattioli Woods (MTW) is flat at 794.5p as it reports 15% growth in organic revenue in the year through May, as its assets under management swelled. Margins for the year are slightly ahead of target.
