Tesco blames challenging market for fall in half-year profits
2nd Oct 2013 07:04
Tesco's half year underlying pre-tax profit fell 7.4 per cent to 1.4bn pounds as the UK supermarket chain's trading was hurt by challenging market conditions. Trading profit for the six months to August 24th 2013 declined 7.6% year-on-year to £1.6bn, weighed down by weak performance in Europe wher
Read moreLondon pre-open: FTSE to fall in opening trade
2nd Oct 2013 07:00
City sources predict the FTSE 100 will open around 23 points lower than yesterday's close of 6,460.01, ignoring gains seen in the US overnight and despite an ultimately flat session on Tuesday. Wall Street closed yesterday's session with decent gains despite the partial shutdown of the US governme
Read moreWednesday preview: Tesco reports half year results
1st Oct 2013 15:59
Tesco will take centre stage on Wednesday when the UK's largest supermarket chain unveils its half-year results. The retailer's recovery plans will be under the microscope as Chief Executive Philip Clarke leads a £1bn overhaul. The rewards of the turnaround plan remain to be seen following less i
Read moreLondon close: FTSE 100 falls to two-week low
25th Sep 2013 16:41
Heavy falls from Carnival, Tesco and utility stocks weighed on the FTSE 100 on Wednesday while uncertainty over the US budget and Federal Reserve monetary policy continued to dampen sentiment. London's benchmark index finished 19.93 points lower at 6,551.53, a fall of 0.3% on the day. This was the
Read moreFTSE 100 movers: Carnival continues to fall on poor Q3 results
25th Sep 2013 15:23
Cruise operator Carnival was a heavy faller for the second day in a row after the company disappointed with its third-quarter results and guidance for the full year. Morgan Stanley downgraded its rating on the stock this morning from 'equalweight' to 'underweight' and cut its full-year earnings pe
Read moreSector movers: Supermarkets fall as competition from budget retailers ramps up
25th Sep 2013 14:10
Supermarket stocks were among the worst performers on Wednesday afternoon as gloomy comments from JPMorgan Cazenove weighed on sentiment. Tesco was the heaviest faller after the US bank downgraded its rating for the stock from 'neutral' to 'underweight', saying that the company will be the most aff
Read moreBroker tips: Carnival, BAE Systems, Tesco
25th Sep 2013 11:50
Morgan Stanley has downgraded its rating for cruise operator Carnival from 'equalweight' to 'underweight', saying that the stock's valuation looks 'very demanding' following its gloomy third-quarter results and guidance. Morgan Stanley labelled the outlook as "disappointing" after Carnival didn't c
Read moreLondon midday: Stocks lower on Fed uncertainty
25th Sep 2013 11:26
Markets were choppy on Wednesday but trading firmly in the red by midday as investors awaited economic data from the US amid the ongoing uncertainty surrounding Federal Reserve monetary policy. Recent mixed economic data and conflicting comments by Fed officials over recent days continue to muddy t
Read moreBroker snap: JPMorgan says Tesco feeling pressure from Aldi, Lidl
25th Sep 2013 10:17
Supermarket group Tesco was hit by a downgrade on Wednesday by JPMorgan Cazenove from 'neutral' to 'underweight' after the bank said that the company will be the most affected by structural problems in the UK food retailing industry. "The discounters (Aldi, Lidl) are disrupting the price/range arch
Read moreWednesday broker round-up UPDATE
25th Sep 2013 09:46
Amec: JP Morgan reduces target price from 1301p to 1243p and stays with its neutral rating. Amlin: UBS ups target price from 400p to 450p upgrading from neutral to buy. BAE Systems: UBS takes target price from 450p to 490p and maintains a buy recommendation. BHP Billiton: Alphavalue shifts target
Read moreLondon open: US budget, Fed policy in focus as stocks fall
25th Sep 2013 08:43
Ongoing budget talks in the States and uncertainty surrounding Federal Reserve monetary policy continues to weigh on market sentiment, with stocks falling into the red on Wednesday morning. Markets across Europe were trading lower early on, following on from a weak session in Asia overnight and the
Read moreTesco market share down, launches own 'Hudl' tablet computer - UPDATE
24th Sep 2013 12:10
On the day Tesco made its first foray into the technology market with the launch of its own tablet computer, the supermarket's market share was revealed to have shrunk badly in the last three months against the other big four supermarkets. The FTSE 100 group was one of the big losers, seeing its m
Read moreLondon close: Strong finish for UK markets after Fed decision
19th Sep 2013 16:46
After a strong day's trading at around 90 points above the opening bell, the FTSE eased somewhat lower in late trading to close at 6,625.39, 66.57 points (1.01 per cent) above yesterday's finish. The surge came after the Federal Reserve surprised market participants with its decision to maintain it
Read moreFTSE 100 movers: Miners track metal prices higher
19th Sep 2013 14:17
Mining stocks were the biggest risers on Thursday as the price of precious metals jumped. Randgold Resources, Fresnillo, Anglo American and Antofagasta were among the miners who gained on an increase in commodity values. COMEX Gold was up 4.55% to $1,367.10 per ounce at 13:45 while silver and copp
Read moreSector movers: Miners rally as precious metals rise
19th Sep 2013 13:40
Mining stocks were the biggest risers on Thursday as the price of precious metals jumped. Randgold Resources, Fresnillio, Anglo American and Antofagasta were among the miners who gained on an increase in commodity values. COMEX Gold was up 4.55% to $1,367.10 per ounce at 13:45 while silver and co
Read more