Tesco drags down FTSE 100 after profits fall

clock

Supermarket giant Tesco led the FTSE 100 lower this morning after revealing its profits had dropped off sharply.

The group's shares were down 3.2% at 347.6p by 9:55am,after it announced profits had dived 23.5% in the first half of the year. Peer Sainsbury's reported better numbers - with like-for-likes up 2.1% - but it also sold-off in morning trading, down 1.9%. Meanwhile the wider index was off 55 points at 6,404 as energy firms also pulled back, driven lower by falling oil prices. Tullow Oil was off 2.3% as the price of Brent crude came down to $107.6 per barrel. Losses in the UK and across Europe follow a rough session overnight for Japan where the Nikkei 225 retreated 2.2%. A combi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Five years on from Covid: What's next for markets?

Five years on from Covid: What's next for markets?

It is now five years since the start of the UK’s Covid lockdown. Since then, we have seen considerable market and geopolitical-related change. Here, William Marshall looks back over the past five years and also explores what we might expect from markets...

William Marshall
clock 06 May 2025 • 4 min read
Gilt yields fall after Donald Trump backs down in 'tariff war'

Gilt yields fall after Donald Trump backs down in 'tariff war'

US president pauses most additional tariffs

Jonathan Stapleton
clock 10 April 2025 • 2 min read
Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read