U.K. Stocks Retreat as Tesco Tumbles to Lowest Price Since 2003Inyoung Hwang
U.K. stocks fell to a one-month low, with Tesco Plc leading grocers lower after it reduced its full-year earnings forecast.
Shares of the U.K.’s biggest retailer slid 6.6 percent, after it said trading profit won’t exceed 1.4 billion pounds ($2.2 billion), almost half of what it had projected before disclosing it overstated earnings estimates. J Sainsbury Plc fell 1.8 percent and Wm Morrison Supermarkets Plc lost 4.4 percent. Aggreko Plc declined 4.6 percent after Jefferies Group LLC lowered its recommendation on the stock to the equivalent of a sell.
The FTSE 100 Index slipped 142.68 points, or 2.1 percent, to 6,529.47 at the close of trading in London. The gauge dropped from a two-week high yesterday as energy producers fell with oil prices. The broader FTSE All-Share Index lost 2 percent today, and Ireland’s ISEQ Index slid 2.4 percent.