FTSE 100 Drops as Tesco, Property, Financials Fall

0827 GMT - The FTSE 100 Index drops 1%, or 73 points to 7013 amid broad-based losses, despite an earlier positive reaction to first-half results from Tesco. Tesco sheds early gains, falling 2% after the U.K. grocer reported lower 1H pretax profit, but maintained its full-year profit guidance, albeit at the lower end of the forecast range. Tesco rivals Sainsbury's, Ocado Group and Marks & Spencer fall and property and financial stocks also retreat. "European markets have opened lower after yesterday's surge, with construction and autos leading the declines while all sectors post losses," Interactive Investor Head of Investment Victoria Scholar writes. (philip.waller@wsj.com)

 
Companies News: 

Tesco 1H Pretax Profit Fell on Increased Costs; Backs FY 2023 Guidance

Tesco PLC said Wednesday that its pretax profit fell in the first half of fiscal 2023 on increased costs, and it backed its guidance for the full year despite post-coronavirus market normalization and customer cost-of-living increases.

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Vertu Motors Launches GBP3 Mln Share Buyback

Vertu Motors PLC said Wednesday that it has agreed a further 3 million pounds ($3.4 million) share buyback.

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Assura Portfolio Performed Well in 1H; Annualized Rent Rose

Assura PLC said Wednesday that it has performed well in developing its portfolio in the first half of fiscal 2023, with its annualized rent toll rising on year.

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Hyve Group Says China Uncertainty to Continue; Expects Revenue Rise for FY 2022

Hyve Group PLC said Wednesday that it expects the uncertainty around running events in China to continue in fiscal 2023 due to the Covid-19 pandemic, and that it expects to report a rise in revenue for fiscal 2022.

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PCF Group Suspends New Lending, Accelerates Business Review

PCF Group PLC said Wednesday that it will suspend any new PCF Bank lending activities until further notice, effective immediately, and accelerate a review process of its operational structure.

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LondonMetric Property Says 1H Occupancy Remained High

LondonMetric Property PLC said Wednesday that occupancy has remained high in the first half of fiscal 2022 and it is operating with a low earnings from operational activities cost ratio.

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Vertu Motors 1H Pretax Profit Fell on Higher Costs; FY 2023 Profits Seen Ahead of Views

Vertu Motors PLC said Wednesday that pretax profit fell in the first half of fiscal 2023 after booking higher costs, and that the board anticipates full-year profits to be ahead of market expectations.

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

October 05, 2022 05:13 ET (09:13 GMT)

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