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Tesco Profit Error Depresses London Stocks in Early Trade

Tesco Profit Error Depresses London Stocks in Early Trade

British stocks opened lower on Monday with Tesco weighing on the benchmark index after the supermarket chain announced a “serious” profit error.

The FTSE 100 index was 0.28 percent, or 18.95 points, down in early trading at 6,800.34.

Shares in Britain’s biggest retailer Tesco were 7.69 percent lower at 211.95 pence, after it revealed it had overstated its half-year profit forecast by 250 million pounds.

“We have uncovered a serious issue and have responded accordingly,” new chief executive Dave Lewis said in a statement.

Mining firm Rio Tinto was the next biggest faller, down 3.00 percent at 3,083.50 pence, one of several miners that have taken a battering in recent days over the strength of the US dollar and expectations of a Fed rate rise, as well as jitters over Chinese growth. 

Birmingham-based engineering firm IMI led the risers, gaining 1.44 percent to trade at 1,341.00 pence after a series positive analyst reports in recent days.

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