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Beaufort Securities Breakfast Alert - Tesco faces record £4bn equal pay claim

Beaufort Securities Breakfast Alert - Tesco faces record £4bn equal pay claim


The FTSE-100 finished yesterday's session 2.64% lower at 7,141.40, whilst the FTSE AIM All-Share index was down 2.28% at 1,013.14. In continental Europe, the CAC-40 finished 2.35% lower at 5,161.81 whilst the DAX was down 2.32% at 12,392.66.

Wall Street
Last night in New York, there was a positve session following the correction of recent days with the Dow regaining 567.02 points, or 2.33%, to end the day at 24,912.77. The S&P-500 added 46.2 points, or 1.74%, to close at 2,695.14 and Nasdaq finished 148.36 points stronger at 7,115.88.

In Asian markets this morning,the Nikkei 225 gained 96.23 points, or 0.45%, at 21,706.47 heading into the close. Meanwhile, the Hang Seng was up 71.15 points, or 0.23%, at 30,666.57.

In early trade today, WTI crude was 0.77% higher at $63.88 per barrel and Brent was up 0.7% at $67.33 per barrel.



Tesco faces record £4bn equal pay claim
Tesco is facing Britain's largest ever equal pay claim and a possible bill running to £4bn. Thousands of women who work in Tesco stores could receive back pay totalling £20,000 if the legal challenge demanding parity with men who work in the company's warehouses is successful. Lawyers say hourly-paid female store staff earn less than men even though the value of the work is comparable. Tesco said it worked hard to ensure all staff were paid "fairly and equally".

Source: BBC News

Company news


BP (LON:BP) 482p – Buy
BP PLC (BP) reported very strong Q4-17 results today, with BP’s Q4 Operating profits strongly ahead on both a sequential and year-on-year basis. Looking at the full year, total group Replacement Cost Profit Before Interest and Tax (RCPBIT) for the year was US$6.2bn, up 138% Y/Y, with underlying operating cash flow some 37% ahead Y/Y at US$ 24.1bn.

BP’s Q4 dividend remained flat at 10 cents per share, but importantly, BP’s share buy-back programme in Q4-17 neutralised the impact of the Scrip dividend issuance over Q3-17, and this rate of share buy-back will continue.

BP’s Upstream operations were especially strong in Q4 and over the full year, with seven new Upstream projects initiated on schedule and under budget, with some 13 new projects in total being delivered over the past 24 months. FY-17 production growth was 12% , ahead of BP’s expectations representing the most successful year for the Exploration segment of this business since 2004. Buy

Click here to see Beaufort's research note on BP published yesterday


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