Tesco enjoyed a brief spike in its share price on Friday morning as the wider market recovered from yesterday’s sharp falls, after the supermarket group reported further decent progress in its turnround efforts.
Shares in the UK’s largest supermarket jumped as much as 4.5 per cent at the start of trading, but soon shed most of its gains to rise just 0.3 per cent rise by publication time.
In a first quarter trading update this morning, Tesco said sales growth had accelerated in the first quarter. Although some of the rise was due to rising inflation, it also outperformed the wider market in terms of volume growth in fresh food sales.
Elsewhere, the FTSE 100 and 250 both made gains, echoing broader positivity across European equity markets. At publication time the FTSE 100 was up 0.3 per cent while the mid-cap index was up 0.6 per cent, offsetting some of the losses suffered on Thursday.
Fears about economic slowdown spooked investors in the more domestically-focused FTSE 250, which suffered one of its worst days since last year’s Brexit vote. A sharp rise in the pound after an unexpectedly hawkish Bank of England policy meeting also pushed the FTSE 100 lower in the afternoon.
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