Turmoil in the global financial markets has again impacted on the UK food and drink sector, with a number of leading high street names joining manufacturers in feeling the pinch as share prices collapsed.
Tesco was the largest faller among the major supermarkets, seeing its share price dip by 6.7% in the last 24 hours. Shares in Morrisons, meanwhile, have dropped by 5.75% over the same period, while Sainsbury’s saw its value fall by 2.75%.
Shares in Marks & Spencer went down by 4.75%.
Some of the UK’s largest consumer goods companies also saw their value plummet.
Associated British Foods, whose brands include Kingsmill, Blue Dragon and Patak’s, saw 8.5% wiped off its value as share prices fell, while confectionery giant Cadbury’s was hit by a similar fall.
Shares in sandwich giant Greencore, another of the leading manufacturers in the UK market, fell by 7.25%.
The news comes with the food industry braced for further turmoil as the impact of the credit crunch continues to be felt, with City confidence suffering in the wake of the collapse yesterday of US investment bank Lehman Brothers.