Update: Tesco buyers emerge after 15% slump

Tesco shares have opened 15% lower after the retailer said full-year profits will come in below market expectations.

The supermarket said in a trading update this morning that trading profit for the year to 28 February 2015 will not exceed £1.4bn, below the £1.7bn-£2.2bn range predicted by analysts. Its shares opened down more than 15% at below 160p, a fresh decade low. Its woes dragged down supermarket peers; Sainsbury was 4% lower at 226p, with Morrison down 4.8% at 176p. Shares have rallied slightly in subsequent hours, suggesting some investors have sought to catch the falling knife, but Tesco remained 7% lower at 174p at 15:00 GMT. Charles Stanley's Garry White said obtaining a clear view of...