Leading shares are on track for their worst quarterly performance since 2011, despite an attempt at a last ditch rally.
After the week’s falls, the FTSE 100 has recovered 105.33 points or 1.8% to 6014.57, with positive results from Sainsbury helping the supermarket sector and Glencore continuing to recover some ground.
But it is still down 7.6% on the quarter, its worst performance since the three months to September 2011.
Sainsbury is up 30.4p at 259.7p after it said it was on track to beat annual profit forecasts. The optimism has lifted the rest of the sector, with Morrisons 9.2p better at 165.3p and Tesco 8.35p higher at 179.65p.
Glencore has added 5.97p to 86.22p as it issued a statement saying it was “operationally and financially robust”, had no debt covenants and retained strong lines of credit and secure access to funding.
Rio Tinto has risen 51p to 2200.5p as it sold its 40% in the Bengalla coal mine in Australia for $606m to New Hope Corporation.
But as investors edge back into riskier assets, havens such as gold and silver have slipped back. So Mexican precious metal miner Fresnillo is one of the few fallers, down 2.5p at 594p. It was not helped by Deutsche Bank cutting its price target from 715p to 705p with a hold recommendation.
