FTSE 100 Movers: Tesco share price knocked by OFT fine

10th Aug 2011 12:25

Tesco saw a dip in its share price following a fine from the Office for Fair Trading (OFT) for fixing cheese and milk prices alongside all the other big supermarkets and a number of dairy groups. The OFT has imposed fines totalling £49.51m on Tesco, Sainsbury, Asda and Safeway (which was bought by Morrisons) and five dairy groups including Robert Wiseman and Dairy Crest, for price collusion activities back in 2002 and 2003.Tesco, Britain's biggest supermarket operator, says it will fight the fines. Lucy Neville-Rolfe, Director of Corporate and Legal Affairs at Tesco, said: "We are disheartened and disturbed that the OFT continues to pursue this costly and time consuming case at the expense of both the tax payer and UK business." Standard Life saw its share price rocket after showing the first signs that its strategy is working. Despite this, Nomura has kept its "reduce" rating on the stock, saying that the stock's valuation is still demanding.On an International Financial Reporting Standards basis, operating profits at the savings, investments and pensions firm jumped 44% from £182m to £262m in the six months ended 30 June while the company undergoes its "three-year transformation". FTSE 100 - RisersStandard Life (SL.) 196.10p +12.64%Man Group (EMG) 197.40p +8.82%Weir Group (WEIR) 1,805.00p +5.99%Lloyds Banking Group (LLOY) 33.62p +4.67%Burberry Group (BRBY) 1,317.00p +4.44%Vedanta Resources (VED) 1,372.00p +4.18%Autonomy Corporation (AU.) 1,550.00p +3.89%Legal & General Group (LGEN) 100.00p +3.79%Capital Shopping Centres Group (CSCG) 325.90p +3.79%Aviva (AV.) 349.00p +3.32%FTSE 100 - FallersStandard Chartered (STAN) 1,437.50p -3.07%Essar Energy (ESSR) 293.40p -2.17%Serco Group (SRP) 514.50p -1.06%Smiths Group (SMIN) 985.00p -1.01%Vodafone Group (VOD) 159.95p -0.96%Capita Group (CPI) 685.00p -0.94%Tesco (TSCO) 368.30p -0.50%HSBC Holdings (HSBA) 542.50p -0.46%Anglo American (AAL) 2,409.50p -0.41%Antofagasta (ANTO) 1,200.00p -0.41%NR