Morning Markets: FTSE volatile after Tuesday gains

Markets opened to a volatile start this morning after shares made major gains on improvements in the commodities market.

The FTSE 100 tumbled 0.5% within minutes of opening, but recovered slightly, down 7.64 points (0.15%) to 5,130.34. Sainsbury's shares dropped 2.38% to 315.2p after warning sales growth would fall as food price inflation eases. Financial shares were also down, with Admiral Group losing 3.9% to £11.10, Smith & Nephew shed 2.9% to 536p, and Schroders NV lost 1.38% to 895.5p. On Wall Street, share prices climbed on the back of yesterday's rise in commodity prices. The Dow Jones climbed 131.5 points (1.37%) to 9,731.25, with not a single stock seeing a fall in value. Alcoa led the...