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Tesco and Unilever shares fall amid price row FTSE 100 falls as Tesco and Unilever are hit by price row
(about 4 hours later)
Shares in Tesco and Unilever fell as trading began, with the two companies embroiled in a row over pricing. Shares in Tesco and Unilever fell as the two companies became embroiled in a dispute over pricing.
Tesco has stopped selling dozens of Unilever's goods online - including brands such as Marmite and PG Tips.Tesco has stopped selling dozens of Unilever's goods online - including brands such as Marmite and PG Tips.
The row is said to have developed when Unilever - which says it faces higher costs because of the fall in sterling - attempted to increase wholesale prices.The row is said to have developed when Unilever - which says it faces higher costs because of the fall in sterling - attempted to increase wholesale prices.
Shares in both Tesco and Unilever were down 2%. On the wider market, the FTSE 100 fell 47.88 points to 6,976.13. By midday, shares in Tesco were down more than 2% while Unilever shares fell 3%.
Shares in Sky rose 0.9% after the satellite broadcaster reported a 5% rise in like-for-like sales over its first quarter. The benchmark FTSE 100 index was down 49.41 points at 6,974.60. Shares in Rio Tinto fell 4% and BHP Billiton slid 3.7% after Citi cut its rating on both of the mining companies to "sell" from "neutral".
The pound remained under pressure on the currency markets as worries over the UK's Brexit strategy persisted. After a brief respite on Wednesday from its recent downward path, sterling was weaker in early trade on Thursday. But there was better news for housebuilders. Persimmon shares rose 3.7% and Barratt Developments gained 2.5% after the latest survey from the Royal Institution of Chartered Surveyors suggested demand from house buyers had seen a modest recovery.
Against the dollar, the pound was down 0.4% at $1.2161, and it also dropped 0.4% against the euro to €1.1049. The pound remained under pressure on the currency markets as worries over the UK's Brexit strategy persisted.
Against the dollar, the pound was flat at $1.2204, but it was 0.3% lower against the euro at €1.1062.