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Tesco drops despite better sales figures

Supermarket chain Tesco gained 3% after reporting that the slide in sales was slowing. UK like-for-like sales fell by 1.3% in the 13 weeks to 30 May, after 1.7% and 5.1% declines seen in the fourth and third quarters of the previous financial year.

The news from the market leader helped boost Morrisons and Sainsbury’s.

Despite a recent North Seas award, energy services outfit Wood Group declined after analysts at Beaufort Securities lowered their rating on the stock to ‘hold’, while sector peer Petrofac, fell after being cut to ‘sell’ at Deutsche Bank.

European talks over Greece are entering a crucial phase and with nothing positive emerging the FTSE 100 fell 54.12 points (-0.8%) to 6,753.70.

International creditors have given Athens a weekend deadline to come to a debt deal or risk defaulting on a €1.6bn repayment due to the IMF on Tuesday.

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