FTSE 100 loses its footing; Mpac and Kitwave plunge - Market Report
Published: 09:10 01 Jul 2025 BST
After a positive start, the FTSE 100 has reversed its gains in a directionless market.
An hour into trade, the blue-chip index is about a fifth of a percent up at 8,777.
J Sainsbury PLC (LSE:SBRY) is topping the early leaderboard after a solid trading update. The supermarket chain reported a 4.9% increase in total sales in the first 16 weeks of its financial year, with grocery sales rising 5%.
Aviva also trading higher after the Competition & Markets Authority cleared its acquisition of Direct Line Insurance Group plc.
Shares of packaging group Mpac Group (LSE:MPAC) are down sharply after it warned on profits after a "material" slowdown in order intake in the second quarter, particularly in North America, which results in it needing to take action to stop debt from nearing covenant limits.
Food wholesaler Kitwave Group PLC (AIM:KITW) has also plunged after it released interim results, with fragile consumer confidence hitting its outlook.
