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    SBRY   GB00B019KW72

J SAINSBURY PLC

(SBRY)
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Real-time Estimate Cboe Europe  -  06:37 2022-08-09 am EDT
217.60 GBX   -0.23%
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Risk-off mood clouds London stocks amid risk of recession

07/05/2022 | 05:03am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* Oil, mining stocks slide to weigh the most on FTSE 100

* Surge in British gas prices fan worries about inflation

* FTSE 100 down 2.9%, FTSE 250 off 1.5%

July 5 (Reuters) - Britain's FTSE 100 index tumbled on Tuesday, dragged lower by economy-sensitive energy, mining and financial shares as a surge in natural gas prices after a strike in Norway fanned worries about inflation and higher risk of a recession.

The blue-chip index fell 2.9% to close at its lowest level since June 24.

The domestically oriented FTSE 250 index slid 1.5%, logging its fifth straight day of falls and hitting its lowest level since November 2020.

Oil majors BP Plc and Shell dropped 7% and 8.5%, respectively, tracking a decline in crude prices. Banks, life insurers and miners dipped between 3.6% and 6.6%.

While crude prices fell on recession angst, British gas prices leapt nearly 16% on concerns about pipeline supplies from Norway after offshore workers there began a strike demanding wage hikes.

Adding to the gloom, the Bank of England warned that the economic prospects for Britain and the world had darkened since the start of the year and told banks to ramp up capital buffers to ensure they could weather the storm.

"It's all about timing, how long a downturn might last and how damaged households and small businesses in particular might be if the poisonous mix of high inflation and stagnant growth lingers like a bad smell," Danni Hewson, financial analyst at AJ Bell, said.

"Businesses, trying to scramble back onto their feet now COVID restrictions are something of a distant memory, are having to think about repaying any debt right when the cost of simply doing business is sky-rocketing."

Among the few bright spots, supermarket group Sainsbury's rose 1.1% after reported upbeat quarterly underlying sales.

Dechra Pharmaceuticals jumped 5.3% after RBC upgraded the veterinary drugs producer's stock to "outperform" from "sector perform". (Reporting by Sruthi Shankar and Devik Jain in Bengaluru; Editing by Arun Koyyur and Alex Richardson)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 1.13% 421.277 Delayed Quote.25.96%
DECHRA PHARMACEUTICALS PLC -2.08% 3474 Delayed Quote.-33.26%
FTSE 100 -0.07% 7478.69 Delayed Quote.0.75%
FTSE MID 250 INDEX -0.43% 20026.68 Delayed Quote.-14.60%
J SAINSBURY PLC -0.28% 217.5 Delayed Quote.-20.92%
LONDON BRENT OIL 0.60% 96.92 Delayed Quote.21.13%
S&P GSCI NATURAL GAS INDEX 1.33% 359.912 Real-time Quote.116.12%
SHELL PLC 0.90% 2182 Delayed Quote.33.28%
WTI 0.50% 90.924 Delayed Quote.17.49%
All news about J SAINSBURY PLC
08/04British Motoring Associations Call On BP, Supermarket Chains To Cut Fuel Prices
MT
07/29J SAINSBURY PLC : Monthly statement on outstanding equity shares and voting rights
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07/26J SAINSBURY : Sainsbury's gives green light to sustainable start-ups with £5 million inves..
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07/20UK PM Boris Johnson to discuss cost of living support with business leaders
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07/19Average annual UK food bill set to rise 454 pounds as inflation soars
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07/08Declaration of Voting Results by J Sainsbury plc
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07/07Sainsbury's shareholders vote against committing to pay real Living Wage
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Analyst Recommendations on J SAINSBURY PLC
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Financials
Sales 2023 30 414 M 36 840 M 36 840 M
Net income 2023 383 M 463 M 463 M
Net Debt 2023 6 648 M 8 052 M 8 052 M
P/E ratio 2023 13,4x
Yield 2023 5,65%
Capitalization 5 055 M 6 123 M 6 123 M
EV / Sales 2023 0,38x
EV / Sales 2024 0,38x
Nbr of Employees 171 000
Free-Float 98,7%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 218,10 GBX
Average target price 248,77 GBX
Spread / Average Target 14,1%
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Managers and Directors
Simon John Roberts Chief Executive Officer & Director
Kevin O'Byrne Chief Financial Officer & Director
Martin A. Scicluna Chairman
Phil Jordan Chief Information Officer
Brian Jude Cassin Senior Independent Director
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