A short while ago the FTSE 100 was trading up 3 points at 58/13.

***

Supermarket giant Tesco has reported its first fall in profits in nearly 20
years.

It made 1-point-7 billion pounds in pre-tax profits in the six months to
August.

That's a drop of around 12 per cent on the same period last year.

***

Meanwhile, Sainsburys has reported a rise in sales despite the "challenging
environment".

Britain's third-largest supermarket reported a 1-point-9 per cent rise in
like-for-like sales, in the six months to end of September.

The supermarket says its success is down to the popularity of its own label
brands and its Brand Match promise.

***

Shares in Firstgroup have tumbled after the government cancelled the contract
to run the West Coast mainline from London to Glasgow.

They are down 20 per cent.

Yesterday the company told its shareholders it was preparing to launch its new
service on December the 9th.

***

Sales of petrol and diesel between April and June were down sharply on the
same period the year before despite cheaper prices at the pump.

Nearly half a billion fewer litres were sold.

***

[Total 01:03]