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(Close): The FTSE 100 ended the day lower, after being dragged down by shares in Tesco, after the supermarket giant posted it's largest quarterly drop in UK sales for 40 years. | |
The supermarket giant's weak first quarter trading update meant its shares closed 1.34% lower. | |
Tesco reported a 3.7% fall in like-for-like UK sales, which it admitted was its worst performance for decades. | Tesco reported a 3.7% fall in like-for-like UK sales, which it admitted was its worst performance for decades. |
The benchmark FTSE 100 index was closed down 17.67%, or 0.3%, at 6,818.63. | |
Tesco rival Sainsbury's, also saw its shares fall. They were down by 1.9% by the close. | |
Shares that went ex-dividend knock more than five points off the FTSE 100. | |
Among those going ex-dividend were National Grid and the advertising giant WPP. National Grid shares fell 5.3% and WPP dropped 2.1%. | |
Sports Direct had a better time of it on the market. The retailer's shares rose 3.6% after a target price for the stock was raised by Exane BNP. | |
The medical devices manufacturer Smith & Nephew did well, after a research note from JP Morgan said that speculation about a possible bid for it could provide support for its shares in the near future. | |
The speculation that a bid from Smith & Nephew's rival Stryker could be forthcoming meant S&N shares rose 3.3%. | |
On the currency markets, the pound slipped 0.02% against the dollar to $1.6740 but edged up 0.07% against the euro to 1.2299 euros. |