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Tesco shares lift London's FTSE 100 Tesco shares lift London's FTSE 100
(about 3 hours later)
(Open): Shares on London's main index rose on Thursday, led higher by Tesco. (Noon): Shares on London's main index rose on Thursday, led higher by Tesco.
The supermarket reported a better-than-expected trading update, with Christmas sales down just 0.3%. That boosted shares by 5.7% in early trading. The supermarket reported a better-than-expected trading update, with Christmas sales down just 0.3%. That boosted shares by 10%.
Overall, the FTSE 100 index was up 1.2%, or 78 points, at 6,497.87 in morning trade. Overall, the FTSE 100 index was up 1.5%, or 98 points, at 6,517.79 at midday.
Marks and Spencer shares were the worst performing after its trading update. The company said clothing sales fell 5.8% in the third quarter.Marks and Spencer shares were the worst performing after its trading update. The company said clothing sales fell 5.8% in the third quarter.
Shares in Halford were also down, falling more than 6%, after Tesco announced the bike chain's boss would become its new UK chief executive. Matt Davies has a reputation for successfully turning companies around. Its shares were 4.2% lower.
On the currency markets, the pound fell 0.39% against the dollar to $1.50520, and fell by 0.05% against the euro at €1.2757. Shares in Halford were also down, falling 6%, after Tesco announced the bike chain's boss would become its new UK chief executive. Matt Davies has a reputation for successfully turning companies around.
Tesco's gains lifted shares in other supermarkets with Sainsbury's up 7% and Morrisons rising 5%.
"This is a positive statement in many respects," said HSBC analyst David McCarthy.
"It shows sales momentum is turning, that Dave Lewis will make bold decisions on all areas of the business, that the balance sheet is being strengthened, that management has been strengthened and that there are no sacred cows with the closure of the Cheshunt Head Office."
On the currency markets, the pound fell 0.3% against the dollar to $1.5065, and rose by 0.29% against the euro at €1.280.
Globally, stock markets and the dollar were encouraged by comments from the Federal Reserve on Wednesday.
Officials from the central bank said a rate rise before April was "unlikely".