This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-29307966

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
London Market Report London Market Report
(about 4 hours later)
(Open): Shares in Tesco dived nearly 11% after the supermarket giant admitted that it had overstated its half-year profit forecast by £250m. (Noon): Shares in Tesco fell 7.5% to 212.45p after the supermarket giant admitted that it had overstated its half-year profit forecast by £250m.
Tesco said it had launched a review into the matter, with new chief executive Dave Lewis saying: "We have uncovered a serious issue and have responded accordingly." Tesco has launched a review into the matter and four executives have been suspended.
The benchmark FTSE 100 opened down 40.49 points at 6,797.43. Chief executive Dave Lewis said: "We have uncovered a serious issue and have responded accordingly."
Glencore fell 3.2% after details of a pricing row with London Mining emerged. Tesco was the biggest faller on the FTSE 100, with the index down 50.03 points, or 0.7%, at 6,787.89.
London Mining said it was in dispute with Glencore "regarding a cash prepayment amount which the company has requested and which Glencore has refused to pay". Mining shares fell on worries over the strength of China's manufacturing sector. Shares in Rio Tinto fell 2.9% and Anglo American was down 2.7%.
"The company is currently considering the options which may be available to it under its offtake agreement with Glencore including termination of the agreement," London Mining said. Shares in London Mining sank more than 10% on the news. Also in the mining sector, shares in London Mining dropped 7.7% after it said it was in dispute with Glencore "regarding a cash prepayment amount which the company has requested and which Glencore has refused to pay".
On the currency markets, the pound rose 0.37% against the dollar to $1.6349 and climbed 0.12% against the euro to 1.2711 euros. "The company is currently considering the options which may be available to it under its offtake agreement with Glencore including termination of the agreement," London Mining said. Glencore shares fell 2.9%.
Moss Bros shares were up 3.9% despite the menswear firm reporting a 9% drop in half-year profits to £2m.
The company said the profit fall was due to a number of stores being closed for refurbishment. Like-for-like sales rose 6.4% from last year while total sales increased 4.6% to £55.8m.
On the currency markets, the pound rose 0.24% against the dollar to $1.6327 and climbed 0.17% against the euro to 1.2717 euros.