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London Market Report London Market Report
(about 5 hours later)
(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. (Close): Shares in Tesco fell 11.6% to 203p after the supermarket giant admitted that it had overstated its half-year profit forecast by £250m.
Tesco has launched a review into the matter and four executives have been suspended.Tesco has launched a review into the matter and four executives have been suspended.
Chief executive Dave Lewis said: "We have uncovered a serious issue and have responded accordingly." Tesco was the biggest faller on the FTSE 100, with the index down 64.29 points at 6773.63.
Tesco was the biggest faller on the FTSE 100, with the index down 50.03 points, or 0.7%, at 6,787.89. British travel group TUI saw the biggest rise, with shares up 1.9%, Admiral was next with a 1.3% gain.
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%. Mining shares fell on worries over the strength of China's manufacturing sector. Shares in Rio Tinto fell 3.8%.
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". Nevertheless, some analysts are optimistic that FTSE 100 can gain ground this year, perhaps even approaching 7,000 points, a new record.
"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%. "I would be simply amazed if the FTSE failed to test 7,000 points," said InterTrader chief market strategist Steve Ruffley.
Moss Bros shares were up 3.9% despite the menswear firm reporting a 9% drop in half-year profits to £2m. On the currency markets, the pound rose 0.29% against the dollar to $1.63360 and climbed 0.3% against the euro to 1.27340 euros.
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.