London Markets: FTSE 100 pulls back from multimonth high, but Tesco rallies

U.K. stocks slipped Wednesday, pulling back from their best level in more than a year, with utility shares losing ground, but Tesco PLC soared as the retailer’s turnaround plan appeared to be taking hold.

The FTSE 100 UKX, -0.12% shed 0.3% to 7,053.71. That follows the rally in the previous session took the blue-chips benchmark to its highest since April 2015. The index on Tuesday surged 1.3% to 7,074.34. Its record closing high is 7,103.98.

Tuesday’s leap was facilitated by a slump in the pound GBPUSD, +0.0471% to fresh 31-year lows against the dollar. Sterling has been slammed since Monday after the U.K.

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