14 April 2021 | 08:18am
StockMarketWire.com - UK stocks eked out modest gains in early trading on Wednesday after a reasonably tame US inflation reading eased concerns about rising bond yields, offsetting a disappointing earnings release from Tesco.
At 0816, the benchmark FTSE 100 index was up 8.28 points, or 0.1%, at 6,898.77.
Supermarket group Tesco fell 3.6% to 223.75 as it reported a 20% drop in annual profit after rising grocery sales were offset by lower fuel sales, costs associated with adapting to the pandemic and a writedown at its banking operation.
Tesco held its annual dividend steady at 9.15p per share, while forecasting a 'strong improvement in profitability' in the current financial year.