By  on August 29, 2014

LONDON — Europe’s major indices were in all in positive territory in trading Friday morning.

The FTSE MIB in Milan gained 0.9 percent to 20,514.97, while the CAC 40 in Paris and the DAX in Frankfurt both rose 0.2 percent, to 4,376.46 and to 9,486.71 respectively.

The FTSE 100 in London was up 0.1 percent to 6,810.70.
 
A more varied picture emerged for fashion, luxury and retail stocks.
 
The U.K. supermarket chain Tesco was the FTSE 100’s biggest faller, slumping 6.6 percent to 2.30 pounds, after the firm issued a profit warning Friday.

Citing “challenging trading conditions and ongoing investment in our customer offer,” the retailer said it now expects trading profit for the current fiscal year to be in the range of 2.4 billion pounds to 2.5 billion pounds, or between $3.98 billion and $4.15 billion. That compared to a trading profit of 3.3 billion pounds, or $5.47 billion, for the year ending Feb. 22, 2014. Tesco also cut its interim dividend to 1.16 pence, or $0.19 per share, 75 percent less than the previous year’s interim dividend.
 
Other fallers included British retailers Next, down 0.8 percent to 70.85 pounds; Marks & Spencer, 2.7 percent to 4.26 pounds; and Bonmarché Holding, 0.7 percent to 2.76 pounds.
 
Among the stocks that rose in the morning’s trading were Gemfields, 2.1 percent to 0.48 pounds; Aeffe, 1.1 percent to 1.58 euros; and Salvatore Ferragamo, 7.4 percent to 22.14 euros after the label said Thursday that its sales rose 6 percent to 659 million euros, or $902.8 million, in the six months ended June 30.
 
At 11:00 a.m. CET, the euro traded for $1.32 against the U.S. dollar, while the pound changed hands for $1.66.

 

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