London’s FTSE 100 firms 7.2 points to 7,425.5 on Wednesday thanks to strength in parts of the banking, food retail and life insurance markets. With the main markets in Continental Europe closed for a public holiday, investors are waiting patiently for the latest monetary policy decision from the US Federal Reserve which is expected to hold interest rates steady.

Unloved supermarkets operator Sainsbury’s (SBRY) skips 5.8% higher to 235.4p as full year underlying pre-tax profits rise by a better than expected 7.8% to £635m, helped by synergies from its 2016 Argos acquisition. Still reeling from the Competition and Markets Authority’s (CMA) decision to block its planned merger with Asda, Sainsbury’s says it will cut prices and increase investment in its stores and technology to enliven sales.

Elsewhere in the retail sector, resilient clothing colossus Next (NXT) improves 40p to £58.06 as its first quarter performance beats expectations, with full price sales growth of 4.5% for the 13 weeks to 27 April boosted by unusually warm weather over Easter. Despite the Q1 ‘beat’ Next, one of Shares’ top picks for 2019, believes it is too early in the year to upgrade guidance, which explains the modest share price uptick on the positive news.

Housebuilder Persimmon (PSN) cheapens 26p or 1.2% to £22.10 as its first quarter update reveals a 5% drop in sales rates, a small fall in the order book and management uses the softer industry terminology of ‘resilient’ and ‘firm’, code for a market that has gone flat.

Lloyds Banking (LLOY) ticks up 1.5% to 63.5p on the news it is reducing its targeted capital ratio after UK regulators cut the capital buffer requirements for the bank.

Technology group Avon Rubber (AVON) reverses 8% to £13.56 on first half results showing a 24% slump in adjusted pre-tax profit to £8.8m. The results were impacted by the US Government partial shutdown and challenging dairy market conditions, although CEO Paul McDonald is confident his charge can deliver against full year expectations.

Motif Bio (MTFB:AIM) is marked up 9.5% to 9.5p as investors welcome the inking of a treatment cooperation pact with Lamellar Biomedical.

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Issue Date: 01 May 2019