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London Market Report London Market Report
(about 4 hours later)
(Open): Tesco shares rose 0.8% to 299.90p in early trade despite the UK's largest supermarket reporting a sharp drop in first quarter sales. (Noon): A weak first quarter trading update from UK supermarket giant Tesco helped to pull the wider market lower.
Like-for-like UK sales including VAT and excluding petrol fell by 3.7%, but the decline was not as steep as had been feared. Tesco reported a 3.7% fall in like-for-like UK sales, which it admitted was its worst performance for decades.
After falling in the first few minutes, the FTSE 100 index then recovered to stand up 4 points at 6,840.30. Tesco shares rose at first, as the sales decline was not as bad as analysts had feared, but the shares then lost ground and were down 2.95p, or 1%, at 294.55p by midday.
Mining shares were among the top risers, with Anglo American up 1.4%. The benchmark FTSE 100 index was down 14.24 points at 6,822.06.
National Grid fell 4.3% and advertising giant WPP dropped 1.7% after shares in both of the companies went ex-dividend. The gloomy news from Tesco also hit shares in rival Sainsbury's, which fell 1.9%.
Shares in SABMiller fell 0.8% after Morgan Stanley cut its rating on the stock. National Grid and advertising giant WPP also weighed on the market after their shares went ex-dividend. National Grid shares fell 4.8% and WPP dropped 2.1%.
On the currency markets, the pound fell 0.2% against the dollar to $1.6711 and dipped 0.1% against the euro to 1.2276 euros. Shares in SABMiller fell 1% after Morgan Stanley cut its rating on the stock.
In the FTSE 250, shares in brokerage Tullett Prebon fell 5.4% after it announced that chief executive Terry Smith was leaving the firm.
On the currency markets, the pound slipped 0.03% against the dollar to $1.6745 but edged up 0.04% against the euro to 1.2296 euros.