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FTSE slips but Tesco shares rise Oil firms drag FTSE 100 lower
(about 3 hours later)
(Open): After enjoying a strong rebound on Friday, UK stocks had a mixed start to trading on Monday. (Noon): The London market came under further pressure, with shares in oil firms being hit by the recent decline in the price of crude.
The benchmark FTSE 100 index opened higher but then slipped back to stand down 10.25 points at 6,300.04. After rebounding on Friday at the end of a turbulent week, the FTSE 100 fell again and was down 58.94 points, or 0.9%, at 6,251.35 by midday.
Tesco shares rose 2.8% after a report in the Times said some private equity groups were planning to bid for the supermarket's Asian business. Petrofac dropped 2.8% after three investment banks cut their price target for the company's shares.
Tesco is due to report half-year results on Thursday, when it should give more details on its profits error. Among other energy firms, BG Group fell 3.4% and BP was down 2%.
Last week, the price of Brent crude oil hit a near four-year low of $82.60 a barrel. On Monday, Brent stood at $86.06 a barrel, down 10 cents on the day, while US crude rose 20 cents to $82.95 a barrel.
Tesco shares rose 2.3% to 178.60p after a report in the Times said some private equity groups were planning to bid for the supermarket's Asian business.
Tesco is due to report half-year results on Thursday, when it should give more details on its profits guidance error.
Its shares have dropped 20% since it warned last month that it could have overstated its half-year profit guidance by £250m.Its shares have dropped 20% since it warned last month that it could have overstated its half-year profit guidance by £250m.
Petrofac was the biggest faller in the FTSE 100, down 2.3% after three investment banks cut their price target for the company's shares. Outside the FTSE 100, shares in Spirit Pub Company jumped 6.9% after Greene King improved its takeover offer for the company.
Outside the FTSE 100, shares in Spirit Pub Company jumped 6.6% after Greene King improved its takeover offer for the company.
Spirit says its board will accept the bid if other terms can be worked out.Spirit says its board will accept the bid if other terms can be worked out.
On the currency markets, the pound rose 0.07% against the dollar to $1.6107, while against the euro it was up 0.08% to 1.2622 euros. On the currency markets, the pound rose 0.18% against the dollar to $1.6123, while against the euro it was up 0.09% at 1.2623 euros.