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London Market Report London Market Report
(about 5 hours later)
(Noon): A weak first quarter trading update from UK supermarket giant Tesco helped to pull the wider market lower. (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.
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 closed down 17.67%, or 0.3%, at 6,818.63.
The benchmark FTSE 100 index was down 14.24 points at 6,822.06. Tesco rival Sainsbury's, also saw its shares fall. They were down by 1.9% by the close.
The gloomy news from Tesco also hit shares in rival Sainsbury's, which fell 1.9%. Shares that went ex-dividend knock more than five points off the FTSE 100.
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%. Among those going ex-dividend were National Grid and the advertising giant WPP. National Grid shares fell 5.3% and WPP dropped 2.1%.
Shares in SABMiller fell 1% after Morgan Stanley cut its rating on the stock. 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.
In the FTSE 250, shares in brokerage Tullett Prebon fell 5.4% after it announced that chief executive Terry Smith was leaving the firm. 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.
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. 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.