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by 3 minutes Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) * Ocado wins on a new customer win in Spain* Sainsbury’s gains on revenues above expectations* Bridgepoint, a private equity business, to list on the London Stock Exchange* FTSE 100 down 0.1 percent, FTSE 250 down 0.2 percent (Edits prices and adds a comment) Reuters, July 6 – The FTSE 100 inched lower on Tuesday as losses in heavyweight financials outpaced gains in energy and mining sectors, with Ocado leading the blue-chip index higher after announcing a new software partnership. Ocado, a British online grocer and technology company, increased by 3.6 percent after announcing a new arrangement with Auchan Retail to leverage its technology to grow Alcampo’s online operation in Spain. The FTSE 100 fell 0.1 percent, led by a 0.7 percent loss in large banking companies. Heavyweight energy heavyweights BP and Royal Dutch Shell, as well as miner BHP Group, helped to limit the index’s decline. According to Richard Hughes, chairman of the country’s budget watchdog, Britain’s 2 trillion-pound ($2.8 trillion) debt mountain is becoming more vulnerable to inflation and interest rate shocks, which are getting more frequent. The mid-cap index, which is focused on the local market, fell 0.2 percent. “Markets are driven by overseas fund money, which has slowed a little, which is why we are seeing quieter markets,” said Keith Temperton, a sales trader at Forte Securities. The FTSE 100 has risen about 10.8% this year thanks to government stimulus and historically low interest rates, but it has lagged behind its European and domestic mid-cap counterparts and remains one of the most undervalued markets. “While we are in a bit of a quiet moment, British blue-chips are expected to gain in the near- to medium-term due to their inexpensive values,” Temperton added. Sainsbury’s, a British supermarket chain, climbed 0.4 percent after beating first-quarter sales projections, though growth slowed abruptly. Bridgepoint, a private equity group, said it would float on the London Stock Exchange to generate $300 million ($417 million) to fund its expansion plans as the industry picks up. Shashank Nayar contributed reporting from Bengaluru, and Subhranshu Sahu edited the piece./nRead More

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