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Tesco's woes drag down FTSE 100 Tesco's woes drag down FTSE 100
(about 4 hours later)
(Open): London's benchmark FTSE 100 index fell 1% in the opening minutes of Thursday's trading, dragged down by a big fall in Tesco's share price. (Noon): London's benchmark FTSE 100 index fell 0.79% in Thursday morning trading, dragged down by a big fall in Tesco's share price.
Shortly after opening, the index was 64.3 points lower at 6,335.43. By lunchtime, the index was 50.46 points lower at 6,349.27.
Tesco was the worst performer on the index, down 6.6%. Tesco was the worst performer on the index, down 5.4%.
The supermarket giant's share slump was caused by the news that chairman Sir Richard Broadbent would leave the firm after it announced a bigger-than-forecast hole in profits.The supermarket giant's share slump was caused by the news that chairman Sir Richard Broadbent would leave the firm after it announced a bigger-than-forecast hole in profits.
Drugmaker GlaxoSmithKline was the biggest gainer, rising 0.6%. Drugmaker GlaxoSmithKline was among the biggest gainers, rising 0.6%.
On Wednesday, its share price jumped 2.6% after its core earnings per share of 27.9p beat analysts' forecasts.On Wednesday, its share price jumped 2.6% after its core earnings per share of 27.9p beat analysts' forecasts.
On the currency markets, the pound fell 0.12% against the dollar to $1.6032 and but rose 0.07% against the euro to 1.2695 euros. On the currency markets, the pound fell 0.25% against the dollar to $1.6011 and dropped 0.37% against the euro to 1.2639 euros.