FTSE 100 movers: Tesco slides after revising H1 guidance

The downside was led by supermarket giant Tesco after the group downwardly revised its profit forecast for the six months ended 23 August, saying it had previously overestimated it by £250m. The food retailer cited “accelerated recognition of commercial income” and “delayed accrual of costs” as the main factors behind the overstatement and announced it was working to establish what impact those items would have on the full year.

Sector peer Sainsbury was also heading south after Exane BNP Paribas cut its target price on the stock from 295p to 280p.

Miners were registering big declines after China’s finance minister squashed speculation that the government would boost stimulus. China’s Finance Minister Lou Jiwei said the government will not make any major policy changes in response to weak economic data and downward pressure on growth in the world’s second biggest economy.

Glencore, Rio Tinto, Anglo American, Antofagasta and BHP Billiton were all in the bottom 10 on the FTSE on Monday afternoon.

Meanwhile, Petrofac was a strong riser after Barclays Capital lifted its rating to 'overweight' from 'equal weight'.

Tullow Oil was higher after Goodbody Stockbrokers reiterated its 'buy' rating.

Sage Group climbed following the news it has taken ownership of Paychoice, which provides payroll and HR services for small and medium-sized businesses in the US. The group said the move accelerates its move to the Cloud by leveraging its software as a service (SaaS) platform. The £96.9m purchase is expected to strengthen the group's position within the payroll market and enable it to provide a more robust and comprehensive offering.

FTSE 100 - Risers
Petrofac Ltd. (PFC) 1,073.00p +2.39%
TUI Travel (TT.) 390.60p +1.77%
CRH (CRH) 1,462.00p +1.53%
Associated British Foods (ABF) 2,698.00p +0.86%
Tullow Oil (TLW) 672.50p +0.82%
Admiral Group (ADM) 1,244.00p +0.81%
BAE Systems (BA.) 475.10p +0.72%
Hargreaves Lansdown (HL.) 992.00p +0.61%
Burberry Group (BRBY) 1,514.00p +0.40%
SSE (SSE) 1,529.00p +0.39%

FTSE 100 - Fallers
Tesco (TSCO) 211.00p -8.10%
Glencore (GLEN) 348.15p -3.14%
Rio Tinto (RIO) 3,094.00p -2.67%
Aberdeen Asset Management (ADN) 420.20p -2.44%
Anglo American (AAL) 1,440.00p -2.17%
Morrison (Wm) Supermarkets (MRW) 178.10p -2.14%
Antofagasta (ANTO) 737.00p -2.06%
Sainsbury (J) (SBRY) 278.60p -2.00%
BHP Billiton (BLT) 1,758.50p -1.95%
SABMiller (SAB) 3,510.50p -1.86%