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(Noon): A weak first quarter trading update from UK supermarket giant Tesco helped to pull the wider market lower. | |
Tesco reported a 3.7% fall in like-for-like UK sales, which it admitted was its worst performance for decades. | |
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. | |
The benchmark FTSE 100 index was down 14.24 points at 6,822.06. | |
The gloomy news from Tesco also hit shares in rival Sainsbury's, which fell 1.9%. | |
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%. | |
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. |