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Tesco's woes drag down FTSE 100 Tesco's woes drag down FTSE 100
(about 4 hours later)
(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. (Close): London's benchmark FTSE 100 index recovered early losses to close up 18.46 points, or 0.3%, at 6,418.19.
By lunchtime, the index was 50.46 points lower at 6,349.27. British Airways owner IAG led the way, rising 3.4% after a Credit Suisse put out a positive analyst note.
Tesco was the worst performer on the index, down 5.4%. Troubled supermarket Tesco provided the biggest story of the day, announcing chairman Sir Richard Broadbent would leave after the firm revealed 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. Tesco was the worst performer on the index, down 6.6%.
Drugmaker GlaxoSmithKline was among the biggest gainers, rising 0.6%. Tullow Oil, down 4.2%, and Unilever, 3.7% lower, also suffered.
On Wednesday, its share price jumped 2.6% after its core earnings per share of 27.9p beat analysts' forecasts. Drugmaker GlaxoSmithKline enjoyed a second day of gains, up 2.5% after announcing better-than-expected profits on Wednesday.
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. On the currency markets, the pound was almost unchanged against the dollar at $1.6037 and dropped 0.2% against the euro to 1.2666 euros.