FTSE tumbles on Tesco share price turmoil as banks take a hit – London Report

first_img Express KCS Share Britain’s main equity index yesterday fell to one-month lows, hit by supermarket retailer Tesco’s fourth profit warning this year.Shares in Tesco at one stage fell as much as 17 per cent to their lowest in around 14 years, wiping some £2.6bn off the firm’s market capitalisation. It later regained some ground to close 6.6 per cent lower at 174.90p.Tesco blamed its lower profit forecast on the cost of trying to recover from an accounting scandal and a slide in its market share.The FTSE 100 index ended 2.1 per cent down at 6,529.47 points — near its lowest in a month. The FTSE also suffered its biggest one-day fall since a 2.8 per cent drop on 15 October.However, in spite of the market pullback, Charles Hanover Invest­ments’ partner Dafydd Davies still expected the FTSE to rally to 6,800 points by the end of 2014. Tesco’s tumble had a knock-on affect in the rest of the retail sector.Sainsbury slipped 1.78 per cent to 231.60p, Morrisons was down 4.43 per cent at 176.70p and Ocado lost 4.53 per cent to 334.80p.Banks came under pressure on worries about the effect of another Eurozone crisis on their balance sheets.Barclays dropped 3.5 per cent to 238.50p and Lloyds Banking Group ended 2.33 per cent lower at 78.54p.With the recent plunge in oil and base metal prices, commodity companies continued to come under pressure, with BHP Billiton down 1.64 per cent at 1,413.50p.Afren fell 5.94 per cent to 38.82p, while Enquest ended down 4.08 per cent at 40.95p.But with investors seeking havens, gold moved higher and pushed Randgold Resources 3.56 per cent higher to 4,335p and Fresnillo up 2.45 per cent to 733p.Security group G4S added 2.12 per cent to 279.8p after Credit Suisse moved from neutral to outperform, but Shire slid 1.81 per cent to 243.50p as Bank of America Merrill Lynch cut from “buy” to “neutral”.Coca-Cola HBC, the bottling business, dropped 5.27 per cent to 1,329p on concerns about its operations in Greece and Russia.Lower down the market, cloud computer company Iomart – where Cinven made and then withdrew a 300p a share takeover bid earlier in the year – slumped 21.54 per cent to 178.50p despite reporting 27 per cent growth in full year profits to £8m. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com FTSE tumbles on Tesco share price turmoil as banks take a hit – London Report Tuesday 9 December 2014 8:14 pm whatsapp Show Comments ▼ whatsapp Tags: Company FTSE 100last_img

Leave a Comment

Your email address will not be published. Required fields are marked *