LONDON MARKETS: Tesco Leads FTSE 100 To Fourth Day Of Gains

Date : 11/11/2014 @ 1:38AM
Source : Dow Jones News
Stock : Tesco (TSCO)
Quote : 250.2  -0.2 (-0.08%) @ 4:04PM
Tesco share price Chart

LONDON MARKETS: Tesco Leads FTSE 100 To Fourth Day Of Gains

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- The U.K.'s FTSE 100 advanced for a fourth straight day on Monday, with Tesco PLC topping the lost of advancers.

The FTSE 100 index gained 0.7% to close at 6,611.25, ending at the highest level since late September.

Shares of Tesco jumped 4.6% "amidst hope that the worst may be behind the retailer," according to Tony Cross, market analyst at Trustnet Direct. Before the climb on Monday, Tesco shares had lost 20% since Sep, 19 when its 263 million pounds ($418 million) accounting scandal first was reported.

Mining firms were higher earlier in the day, but crept lower toward the close as metals prices dived on a stronger dollar. Randgold Resources Ltd. dropped 1.1% and Rio Tinto PLC (RIO) lost 0.5%.

Outside the main index in London, Serco Group PLC stumbled 32% after the outsourcing company cut its full-year financial guidance and said it plans to raise 550 million pounds ($873.2 million) in a rights issue next year.

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