London Report: Tesco share price falls to lowest in 10 years as GSK warns on earnings

Tesco's share price was down 0.49 per cent to 276p yesterday (Source: Getty Images)
Shares in Tesco yesterday fell to their lowest level in almost a decade after the beleaguered super­market issued a profit warning earlier this week and announced that chief executive Philip Clarke is stepping down.

Tesco’s shares fell 0.49 per cent to 276p yesterday, down 4.6 per cent since Monday when Clarke’s exit was announced and their lowest since September 2004.

Glaxosmithkline also took the shine off the FTSE 100, offsetting gains in outsourcing group Capita and miner BHP Billiton.

The FTSE 100 closed up 2.81 points, flat in percentage terms, at 6,798.15 points. It had traded as high as 6,822.65 before GSK’s update at 11am.

Shares in GSK fell 4.7 per cent, to 1,481.5p, their worst fall since 2008, after the firm cut its 2014 earnings outlook.

Capita rose 4.8 per cent, to 1,210p, after the group posted an 11 per cent rise in first-half organic revenue. BHP Billiton was 0.58 per cent up at 2,066.5p after it beat full-year guidance for iron ore production by four per cent.

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