Nov 15, 2016
Tesco bolsters FTSE as sales accelerate
Tesco shares rose nearly 4% after research firm Kantar Worldpanel said its sales grew 2.2% in the 12 weeks to 6 November. The UK's largest supermarket saw its market share rise to 28.2% from 27.9%. Shares in other supermarkets also rose, with Morrisons up nearly 5% and Sainsbury's 3.2% higher. The FTSE 100 index was up 44.43 points, or 0.7%, at 6,797.61. The rise came despite a sell-off in mining stocks, as the recent rally in industrial metals halted. Shares in Anglo American, BHP Billiton, Rio Tinto and Glencore were all down by about 4-5%. The recent sell-off on the bond market also paused.
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