Tesco asks another senior manager to step down
7th Oct 2014 07:35
Beleaguered grocery giant Tesco has asked another member of its senior management to step down in the wake of an investigation into its accounting practices. Kevin Grace, commercial director, has been asked by chief executive Dave Lewis to step aside as part of the investigation, The Financial Times
Read moreTesco chairman mulling future amid accounting probe
6th Oct 2014 14:53
The chairman of Tesco would consider stepping down once an investigation into accounting practices at the struggling UK grocery giant is complete, according to reports on Monday. The speculation comes as the company attempted to repair investor sentiment with the appointment of two highly-regarded c
Read moreFTSE 100 movers: BG Group climbs after receiving windfall of $350m
6th Oct 2014 14:51
Gas explorer BG Group climbed on the news it has received a windfall of $350m from Egypt as part of a government drive to pay outstanding debts to the energy industry. BG said the payment resulted from Cairo raising funds specifically to help repay debts to the oil and gas sector. Tesco cheered with
Read moreSector movers: Grocers down as analysts warn of price war
6th Oct 2014 14:01
Retailers led to the downside on Friday and were clearly the main focus for traders as the negative news surrounding the sector continued to pour in, even as the share price losses continued to snow-ball. The fundamental force behind the above would seem to be the heightened competitive pressures in
Read moreSector movers: Tesco leads supermarkets higher but sentiment still fragile
6th Oct 2014 14:01
Supermarket stocks were attempting to claw their way back on Monday after an accounting error and a string of profit warnings at Tesco crushed sentiment in the sector. Tesco's shares have lost 25% of their value since the company revealed on 22 September that it had overstated its profit guidance fo
Read moreSector movers: Kantar data weighs on grocers
6th Oct 2014 13:33
Supermarket operators were clearly at the bottom of the pile on Tuesday after market researcher Kantar published new figures showing a stagnating food retail environment. Fraser McKevitt, head of retail and consumer insight at Kantar, said: "For the first time ever we've seen the average basket of e
Read moreShore Capital welcomes new board members at Tesco
6th Oct 2014 12:11
Monday's appointment of two highly-regarded consumer-based directors at Tesco is a "light beam of good news [...] in a sea of darkness", according to Shore Capital. The broker's Clive Black and Darren Shirley said that shareholders will hope that recent developments, such as a Financial Conduct Auth
Read moreLondon midday: UK stocks rise despite weak economic data
6th Oct 2014 11:37
Weak economic data from Germany and the wider Eurozone failed to deter bullish investors on Monday as UK stocks continued to bounce off a 10-month low reached last week. London's FTSE 100, spurred by gains in the banking, airline and supermarket sectors, was trading nearly 0.4% higher at 6,550 by mi
Read moreMonday broker round-up
6th Oct 2014 10:05
Asos: UBS ups target price from 4000p to 4050p and stays with its buy recommendation. Cranswick: Numis cuts target price from 1326p to 1296p and keeps a hold recommendation. Dunelm Group: Citi reduces target price from 930p to 870p downgrading to neutral. easyJet: Citi ups target price from 1600p
Read moreLondon open: Banks, supermarkets give FTSE 100 a lift
6th Oct 2014 08:37
Decent gains from banking and supermarket stocks gave the FTSE 100 a boost on Monday morning as the UK's benchmark index continues to recover after hitting a 10-month low last week. The Footsie was trading 0.4% higher at 6,554 early on, rising for the second straight day after falling to 6,446.39 la
Read moreTesco beefs up board with Compass boss and ex-IKEA chief
6th Oct 2014 07:02
The boss of catering group Compass and the former chief of Swedish furniture giant IKEA are to join the board of Tesco, the UK supermarket announced on Monday morning. Richard Cousins, who has been the group chief executive officer (CEO) of Compass since 2006, "will bring valuable UK and internation
Read moreSunday newspaper round-up: Tesco, Supermarkets, BP
5th Oct 2014 17:19
Tesco is planning a boardroom purge after a string of profit warnings and the revelation of a £250m hole in its accounts, the Sunday Times said. The retailer was planning to unveil up to three non-executive directors 10 days ago but the accounting problem put the announcement on hold. Patrick Kenned
Read moreLondon close: FTSE ends on a high after US employment figures deliver suprise
3rd Oct 2014 16:38
It was a positive finish to the week for the FTSE, as stocks rebounded from four straight days of declines as US employment data beats expectations. The FTSE 100 closed 81.52 points higher at 6,527.91, a drop of 123.25 on the week. US non-farm payrolls rose to beat forecasts and the jobless rate fe
Read moreFTSE 100 movers: Easyjet soars after impressing with H2 update
3rd Oct 2014 15:58
Easyjet shares took off after the budget airline increased its outlook for the half year ended 30 September from between £545m and £570m to between £575m and £580m, thanks to a strong finish to the summer season, which saw increased revenue per seat. The group has also benefited from the Air France
Read moreLondon midday: Markets on the rise as investors wait for US September jobs report
3rd Oct 2014 12:01
UK stocks were on the rise at lunchtime on Friday, rebounding from Thursday's low as investors' eyes were focused on the US September jobs report which is due out this afternoon. At the midday point, the FTSE 100 was 55 points up to 6,501.47. The UK purchasing managers index for the services indust
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