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Tesco shares lift London's FTSE 100 Tesco leads the FTSE 100 up 2.34%
(about 5 hours later)
(Noon): Shares on London's main index rose on Thursday, led higher by Tesco. (Close): Tesco shares led London's main index higher on Thursday, with the FTSE 100 ending up 2.34% at 6,569.96.
The supermarket reported a better-than-expected trading update, with Christmas sales down just 0.3%. That boosted shares by 10%. The supermarket reported a better-than-expected trading update, with Christmas sales down just 0.3%. That helped boost Tesco shares by 14.97%.
Overall, the FTSE 100 index was up 1.5%, or 98 points, at 6,517.79 at midday. Marks and Spencer, down 3.52%, was the worst performer after a disappointing trading update.
Marks and Spencer shares were the worst performing after its trading update. The company said clothing sales fell 5.8% in the third quarter. Expectations that the European Central Bank may soon start a eurozone stimulus programme also boosted markets.
Its shares were 4.2% lower. Tesco's gains lifted shares in other supermarkets with Sainsbury's up 9.9% and Morrisons rising 7.76%.
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."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." "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," he said.
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. Outside the top flight, shares in Halfords fell 8.48% 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.
On the currency markets, the pound rose 0.01% against the dollar to $1.5112, and rose by 0.22% against the euro to €1.2792.
Globally, stock markets and the dollar were encouraged by comments from the Federal Reserve on Wednesday.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".Officials from the central bank said a rate rise before April was "unlikely".