Supermarket group Tesco led a rebound by the London market today after strong sales figures sent its shares to the top of the FTSE 100 Index.
After a disappointing session yesterday, the FTSE lifted 13 points to 4732.4 in the first hour of trading, mirroring the upbeat performance across the Atlantic last night.
The Dow Jones Industrial Average had moved 27 points higher ahead of today’s Thanksgiving holiday.
Tesco was among a number of retailers giving investors direction as it revealed total sales in the UK grew by 12.3% in the 14 weeks to November 20, sending shares 3% higher, up 9p to 307p.
It was followed by oil giants BP and Shell as the cost of a barrel of US crude remained close to the 50 US dollars mark. Their shares rose 6p and 3.5p to 542p and 439.5p respectively.
Outside the top flight, online travel business lastminute.com saw its share price fall sharply after admitting annual results had “fallen short” of expectations. It lost nearly 13% of its value, off 15p to 104.75p.
But retailers were lifting the mood, with car accessories and cycle retailer Halfords 1.5p higher at 296p after demand for in-car entertainment helped drive sales higher in the last six months.
Comet owner Kesa Electricals cheered half a penny to 272.5p after total sales at its UK business rose 5.2% in the three months to the end of October, despite increasing uncertainty among shoppers.
References: EGi News 25/11/04
