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Sainsbury’s and ITV drag down FTSE 100

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(Open): Sainsbury’s and ITV were among the biggest fallers on the FTSE 100 on Wednesday as the markets reacted badly to their latest announcements.

Sainsbury’s slipped 1.9% after revealing that its half-year profits were down 8.2% on the same period a year earlier.

And ITV fell 1.65% on news that its chief executive Adam Crozier is to step down after seven years at the helm.

Overall, the 100-share index was down 15.33 points or 0.21% at 7,234.72.

The winners’ list was headed by software firm Sage, which added 3.3% on the strength of its first-half results.

The company said it was very confident of exceeding its full-year guidance of 6% revenue growth.

On the currency markets, the pound was down 0.19% against the dollar at $1.2915 and flat against the euro at 1.1834 euros.

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