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Morrisons profit cut sparks dramatic sector sell-off
March 13, 2014 / 8:16 AM / 4 years ago

Morrisons profit cut sparks dramatic sector sell-off

LONDON, March 13 (Reuters) - A sharp cut to the profit outlook of struggling retailer Wm Morrison sparked a major sell off in the shares of British retailers on Thursday, wiping billions of pounds off the value of the sector.

Shares in Morrisons fell 10 percent, while rival Sainsbury’s fell 6.7 percent, market leader Tesco slumped 4.1 percent and Marks & Spencer lost 1.7 percent.

Reporting by Kate Holton; editing by Paul Sandle

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