Horse meat discovery knocks £300m off Tesco market value "Whilst there is no suggestion of a food safety issue at this stage, there is an issue of consumer deception and offence, given the deeply different cultural perception of horse meat in the British Isles compared to many other markets," said analysts at broker Shore Capital. The incident is also expected to dent the public's confidence in the retailer, according to Espirito Santo analysts. "Although the FSAI concluded that there was no risk to public health, the news is likely to, at least temporarily, reduce consumers" trust in the quality of Tesco's products which is unhelpful at a time when Tesco is trying to rebuild customers" trust in the quality underpinning Tesco own label and Everyday Value products," they said. The supermarket is seeking to turnaround its UK business and last week reported its highest sales growth in three years over the Christmas period. The group disappointed investors in October by posting its first fall in profits since 1994, hurt by slowing sales in its home market. Other heavy fallers on the FTSE 100 this morning included miner Anglo American, which dropped 3.3pc after news of 14,000 job cuts in South Africa sparked off strikes at three of its mines in the country. Shares in Lloyds Banking Group, Royal Bank of Scotland and Barclays all moved lower as investors looked cautiously ahead to the release of earnings from Goldman Sachs and JPMorgan later today.