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Market Update : 
Taylor Wimpey, Marks & Spencer Plunge
Author: 123jump.com Staff
123jump.com
Last Update: 4:51 PM EDT July 02 2008

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Marks & Spencer dropped 24% after it reported same store sales declined 5.3% in the UK. The company warned that earnings will be revised on the lower sales in the UK. Other retailers fell sharply and dragged benchmark index lower. Taylor Wimpey, home builder announced that it will cut its dividend and take a write-off of £660 million. The home builder forecasts weak housing market till 2009 and also failed to attract new capital. Taylor stock dropped as much as 46%.

 
Other retailers fell on the weakness in Marks & Spencer. Sainsbury slid 6.53%, Tesco slumped 5.32% and Kingfisher plunged 4.78%.

Commodity stocks declined as gold lost 1.1% to $939.2 a troy ounce. Aluminium fell 0.2% to $3,150 a ton, zinc dropped 0.3% at $1,920 a ton, but copper rose 0.2% to $8,630 a ton.

Vedanta Resources slumped 4.89%, BHP Billiton shed 4.45% and Anglo American edged down 4.38%.
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