Tesco Director, Mark Armour, will not be participating in accountancy conduct investigation, says FRC
24th Sep 2014 13:28
The Financial Reporting Council (FRC) has confirmed that Tesco's non-executive director, Mark Armour, who sits on the FRC board, will not be participating in investigations over the supermarket's accounting blunder. The accountancy watchdog announced on Wednesday that it will be leading an investiga
Read moreWednesday broker round-up UPDATE
24th Sep 2014 09:15
Aggreko: Morgan Stanley ups target price from 1350p to 1375p, while leaving its underweight rating unaltered. Alliance Pharma: Canaccord Genuity lowers target price from 35p to 33p reiterating its hold recommendation. Close Brothers Group: UBS moves target price from 1420p to 1430p and keeps a neut
Read moreLondon midday: Stocks drop as US Treasury acts to block tax inversion deals
23rd Sep 2014 12:38
UK stocks were firmly lower come midday, tracking overnight losses on Wall Street, with investors apparently reacting the US Treasury's move last night to make corporate tax inversions more difficult. Acting as a backdrop, traders were monitoring the first coalition airstrikes against Islamic State
Read moreTesco's market share continues to fall, Kantar reveals
23rd Sep 2014 09:48
There was more bad news for Tesco on Tuesday as latest data showed another drop in its sales and market share only a day after an accounting gaffe forced it to revise its profit forecasts. Tesco's sales went down 4.5% and market share dropped to 28.8% from 30.2%, according to latest figures from ret
Read moreTuesday broker round-up UPDATE
23rd Sep 2014 09:36
AVEVA: JP Morgan reduces target price from 2450p to 1825p, while leaving its overweight rating unchanged. African Minerals: Credit Suisse reduces target price from 120p to 25p, while leaving its neutral rating unchanged. Aviva: Goldman Sachs ups target price from 490p to 515p and reiterates a neutr
Read moreLondon pre-open: FTSE to edge lower ahead of Eurozone PMIs
23rd Sep 2014 07:42
UK-listed stocks were forecast to register a small decline at Tuesday's opening bell, extending losses seen both at home and abroad the previous day. City sources predict the FTSE 100 will open around four points higher than yesterday's close of 6,773.63. CMC market analyst Jasper Lawler said: "Eur
Read moreTesco fast-tracks start for new CFO Alan Stewart
23rd Sep 2014 07:23
As it struggles with an investigation into its financial processes, Tesco has wrangled an earlier start for new finance director Alan Stewart, persuading current employer Marks & Spencer (M&S) to release him two months earlier than planned. Stewart, who had been on gardening leave recently after han
Read moreTuesday newspaper round-up: Tesco, Barclays, Phones 4u, China
23rd Sep 2014 07:03
Tesco's crisis shows no sign of stopping, after the retail giant was forced to call in investigators and suspend four senior executives as it discovered its profits had been inflated by £250m, The Guardian reported on Tuesday. Over £2bn was wiped off the group's value on during Monday trading after
Read moreTuesday tips round-up: Tesco, Sage
23rd Sep 2014 07:02
There is speculation that Tesco may have been too optimistic when forecasting how successful its promotions – and hence promotion related payments from suppliers – would be. Nevertheless, when the company does finally come round to releasing its results it will have a lot of explaining t
Read moreBroker tips: BAE Systems, Tesco, Dairy Crest
22nd Sep 2014 15:38
Analysts at UBS believe BAE Systems is in the right segments of the defence industry – aerospace and high-end technology – to capitalise on the increased emphasis on higher technology military operations. That is manifestly the case when one looks at the recent 50 nations for Air Power
Read moreFTSE 100 movers: Tesco slides after revising H1 guidance
22nd Sep 2014 14:48
The downside was led by supermarket giant Tesco after the group downwardly revised its profit forecast for the six months ended 23 August, saying it had previously overestimated it by £250m. The food retailer cited "accelerated recognition of commercial income" and "delayed accrual of costs" as the
Read moreSector movers: Retailers and miners lead the downside on the FTSE
22nd Sep 2014 14:23
The supermarket sector was firmly in the red on Monday after Tesco was forced to admit that it had over-stated its first half profit guidance by £250m. The company has suspended four of its executives, including the UK managing director, and said it plans to investigate the matter. The food retaile
Read moreSocGen reiterates 'sell' on Tesco, struggles to understand what has happened
22nd Sep 2014 13:19
In a note to clients analysts at SocGen highlight the lack of detail provided to shareholders by Tesco´s management, with the company having offered no breakdown between the commercial income from suppliers and delayed accrual costs to explain its reduced profit guidance. "At this stage, we are stil
Read moreLondon midday: Miners down after remarks from Chinese finmin, Tesco lower
22nd Sep 2014 12:23
Come midday London´s Footsie was by the far worst performer in Europe following a profit warning from troubled food retailer Tesco and remarks from China´s finance minister which may have dashed hopes of further policy stimulus. Worries over global growth prospects in China and the Eurozone weighed
Read moreMonday broker round-up UPDATE
22nd Sep 2014 11:28
Avation: WH Ireland shifts target price from 200p to 206p and maintains a buy recommendation BAE Systems: UBS raises target price from 460p to 505p and reiterates a buy recommendation. Centrica: Goldman Sachs ups target price from 385p to 396p leaving its buy recommendation unchanged. Chariot Oil
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