Sainsbury’s sinks however Lloyds, commerce hopes elevate FTSE 100
Sainsbury’s sinks however Lloyds, commerce hopes elevate FTSE 100 0. By Shashwat Awasthi and Muvija M. Feb 20 – London’s main bourse rose as Lloyds gained after promising to return cash to shareholders and optimism prevailed over China-U.S. trade talks. But Sainsbury’s lost nearly a fifth of its market value as regulators objected to its takeover of Walmart’s Asda. Lagging the main index by a wide margin was Sainsbury’s , which lost 18.5 percent as Britain’s competition regulator said its deal with Walmart-owned Asda should either be blocked or require the sale of a significant number of stores and possibly one of the brands. Sainsbury’s stock gave up all the gains it had accumulated since the $9.5 billion deal was announced and suffered its worst day in over a decade, with a billion pounds wiped off its market value.