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Tesco's woes drag down FTSE 100 FTSE ends up despite Tesco slump
(35 minutes later)
(Close): London's benchmark FTSE 100 index recovered early losses to close up 18.46 points, or 0.3%, at 6,418.19.(Close): London's benchmark FTSE 100 index recovered early losses to close up 18.46 points, or 0.3%, at 6,418.19.
British Airways owner IAG led the way, rising 3.4% after a Credit Suisse put out a positive analyst note. British Airways owner IAG led the way, rising 3.4% after Credit Suisse put out a positive analyst note.
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.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.
Tesco was the worst performer on the index, down 6.6%.Tesco was the worst performer on the index, down 6.6%.
Tullow Oil, down 4.2%, and Unilever, 3.7% lower, also suffered.Tullow Oil, down 4.2%, and Unilever, 3.7% lower, also suffered.
Drugmaker GlaxoSmithKline enjoyed a second day of gains, up 2.5% after announcing better-than-expected profits on Wednesday.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 was almost unchanged against the dollar at $1.6037 and dropped 0.2% against the euro to 1.2666 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.