British equities fell on Thursday, with the FTSE 100 closing 0.20% in the red, as financial releases and mergers and acquisitions dominated the headlines.
Leading the pack of blue-chip gainers was Tesco (TSCO.L), which rose 5.28% after upgrading its fiscal 2026 guidance for group adjusted operating profit. Meanwhile, interim earnings exceeded expectations on good weather, volume-driven market share gains, and progress in the grocery retailer’s Save to Invest program.
“We think TSCO’s good performance has translated into strong [free cash flow] generation in the half,” RBC Capital Markets said. “We expect cash generation to remain good, which, combined with a strong balance sheet, should allow Tesco to continue its recent trend of additional cash returns.”
On the downside, SSE (SSE.L) dropped 1.93% after projecting adjusted EPS for the six months ended Sept. 30 between 0.33 pound sterling and 0.37 pound. SSE also affirmed its fiscal 2026 adjusted EPS guidance of between 1.75 pounds and 2 pounds.
“Strong renewables operational availability over the summer months was offset by unfavourable weather conditions – notably across April and May – with first half output expected to be around 2% lower than the same period last year,” the utility company said.
