Supermarket shares jump after Morrisons results

Supermarket shares have risen sharply after Morrisons' interim results showed signs that the worst of an ongoing sales slump may be over.

While the FTSE 100 is flat at 6,535, roughly where it began the week, supermarkets have enjoyed a second successive day of strong performance in a reversal of recent fortunes. Morrisons saw shares rise 6% to 172p after investors looked on the bright side of its interim update: a 6.3% fall in like-for-like sales compared with a 7.4% fall over the previous six months. Marks and Spencer was up 4.2% to 462p, following on from an 8% rise yesterday following its own interim results. Half-year pre-tax profit was down 0.4% to £279m but underlying profit rose by 2.3% to £267m. The read acro...