Brexit-driven changes in consumer spending, tariffs and supply chain disruption have knocked supermarkets this year — but too hard, according to analysts at Investec.
In a note yesterday, they said the weakness in grocery stocks was unjustified: “While there is currently undoubted nervousness on companies with large UK exposure, we still feel the sector offers compelling value.”
That prompted dealers to bag a trolley-load of the shares. J Sainsbury climbed 1p, or 0.5 per cent, to 197¼p, Wm Morrison added 2p, or 1.1 per cent, to 184¼p and Tesco gained 5p, or 2.4 per cent, to 218¾p.
The FTSE 100 index rose 25.13 points, or 0.4 per cent, to 7,114.71. It was not helped when Downing Street confirmed that parliament would be suspended from mid-September,…
