By Sara Sjolin, MarketWatch
LONDON (MarketWatch) ? Shares of Tesco PLC topped the list of decliners in London on Wednesday, leading the benchmark to a fourth straight day of losses, after the supermarkets firm posted a drop in profit.
The FTSE 100 index /quotes/zigman/3173262 UK:UKX -0.78% ?gave up 0.8% to 6,410.29, on track for the longest losing streak in almost two months.
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Tesco /quotes/zigman/156634 UK:TSCO -1.45% ? /quotes/zigman/156646/quotes/nls/tscdy TSCDY -1.76% ?slid 3.7% after reporting a decline in first-half net profit, as it struggles to regain its footing in the U.K. and faces sales declines in international markets.
Another food retailer, J Sainsbury PLC /quotes/zigman/350043 UK:SBRY -1.56% ?gave up 1.3%, failing to get a boost from stronger sales numbers in the second quarter. The firm said it was the only major supermarket to expand its market share during the period, adding that its online grocery business grew over 15% during the quarter.
Unilever PLC /quotes/zigman/409909 UK:ULVR -1.82% ? /quotes/zigman/203077/quotes/nls/ul UL -1.67% ?added pressure in London, down 1.8%, after UBS cut the consumer-products firm to neutral from buy, citing slowing demands in emerging markets on top of currency weakness.
?Whilst this does not invalidate the long term structural EM growth story, perhaps the market needs to revisit the growth algorithm one should apply. With Unilever positioning itself as ?the? emerging market company it will unavoidably find itself in the middle of this debate,? the analysts said.
Shares of BP PLC /quotes/zigman/210014 UK:BP -0.68% ? /quotes/zigman/247026/quotes/nls/bp BP +0.07% ?erased 1% amid the second phase of the oil major?s trial over the 2010 Deepwater Horizon Oil spill in the Gulf of Mexico. A safety consultant appearing as an expert witness told the court on Tuesday that BP could have ended the oil spill two months sooner than it did, according to the Financial Times.
Other oil firms were also lower, tracking a decline in oil prices. Shares of Royal Dutch Shell PLC /quotes/zigman/359955 UK:RDSB -1.02% ? /quotes/zigman/379012/quotes/nls/rds.b RDS.B -0.44% ?dropped 0.9% and Tullow Oil PLC /quotes/zigman/271296 UK:TLW -1.94% ?lost 1.8%.
Bucking the negative trend in London, shares of Barclays PLC /quotes/zigman/301787 UK:BARC +0.46% ?added 1.3% after Soci?t? G?n?rale lifted the bank to buy from hold, according to Dow Jones Newswires.
/quotes/zigman/3173262
UK : FTSE Indices
Volume: 0.00
Oct. 2, 2013 3:33p
/quotes/zigman/156634 UK : U.K.: London
Volume: 24.77M
Oct. 2, 2013 3:33p
Market Cap?29.03 billion
Rev. per Employee?120,543
/quotes/zigman/156646/quotes/nls/tscdy US : U.S.: OTCBB
Volume: 93,475
Oct. 2, 2013 10:32a
Rev. per Employee$191,279
/quotes/zigman/350043 UK : U.K.: London
Volume: 3.81M
Oct. 2, 2013 3:33p
Rev. per Employee?148,427
/quotes/zigman/409909 UK : U.K.: London
Volume: 2.42M
Oct. 2, 2013 3:32p
Market Cap?30.26 billion
Rev. per Employee?246,649
/quotes/zigman/203077/quotes/nls/ul US : U.S.: NYSE
Volume: 513,558
Oct. 2, 2013 10:47a
Rev. per Employee$387,566
/quotes/zigman/210014 UK : U.K.: London
Volume: 10.84M
Oct. 2, 2013 3:32p
Market Cap?81.56 billion
/quotes/zigman/247026/quotes/nls/bp US : U.S.: NYSE
Volume: 1.04M
Oct. 2, 2013 10:47a
Market Cap$132.16 billion
/quotes/zigman/359955 UK : U.K.: London
Volume: 2.82M
Oct. 2, 2013 3:33p
Market Cap?130.85 billion
/quotes/zigman/379012/quotes/nls/rds.b US : U.S.: NYSE
Volume: 96,875
Oct. 2, 2013 10:47a
Market Cap$212.02 billion
/quotes/zigman/271296 UK : U.K.: London
Volume: 568,911
Oct. 2, 2013 3:33p
/quotes/zigman/301787 UK : U.K.: London
Volume: 32.25M
Oct. 2, 2013 3:32p
Market Cap?43.42 billion
Rev. per Employee?246,092
Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.
Source: http://www.marketwatch.com/news/story.asp?guid=%7BB5A8804C-2B4C-11E3-BFAB-00212803FAD6%7D&siteid=rss
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