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Tesco causes food retail selloff
Having seen 7 points taken out of the index due to companies going ex-dividend today, the FTSE started the day on the back foot. Tesco’s belated quarterly figures have been met with cynicism as traders speculate that the now £263 million cost of bookkeeping errors could easily be a number surpassed in the weeks ahead.
Tesco CEO Dave Lewis has battled the reputational damage with a plethora of promises that the food retailer will do well to meet. The almost 8% fall in the company’s shares has seen both competing food retailers and producers fall along with it, although at a slightly more sedate rate.