Tesco drags down FTSE 100 after profits fall

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...