London's FTSE index closes lower

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(Close): Shares in the FTSE 100 closed lower on Wednesday, having initially opened higher.

The FTSE 100 fell 0.49%, or 34.69 points, to 7,028.24, with supermarket chain Tesco the biggest faller.

Tesco's shares fell more than 5% after it reported its biggest ever loss.

The supermarket giant reported a statutory pre-tax loss of £6.4bn for the year to the end of February, with the boss Dave Lewis admitting it had been a "difficult year".

Shares in the engineering firm Rolls-Royce were the best performer on the FTSE, up more than 4%, after the company announced a new chief executive.

John Rishton, who has been at the company since 2011, will be replaced by Warren East, former head of the chipmaker Arm Holdings.

On the currency markets, the pound rose 0.64% against the dollar to $1.5021 and gained 0.75% against the euro to €1.4009.