FTSE100 Recovers Led By Tesco
The FTSE100 turned higher in midday trade, with strong performances from the likes of supermarket giant Tesco and Thomas Cook outstripping weakness in banks and miners, and with Wall Street seeming set to rally later this afternoon.
At 1pm GMT, the FTSE100, having briefly dipped under 4,000 in early deals, was up 29.26 points at 4,094.75.
Tesco was a major blue chip gainer, up 27.7p at 315.7p after the UK's biggest retailer hit its forecasts with a 2% rise in Q3 underlying UK sales and said its new discount range is helping to boost sales volumes and customer numbers. The news from Tesco surprised many analysts who had predicted flat to lower sales.
The news helped promote Morrisons, up 7p at 244.75p, but Sainsbury fell 8475p at 274.5p.
Holiday operator Thomas Cook gained 7.9p at 170.1p after revealing a strong profit performance and giving an upbeat assessment on current trading.
At 1pm GMT, the FTSE100, having briefly dipped under 4,000 in early deals, was up 29.26 points at 4,094.75.
Tesco was a major blue chip gainer, up 27.7p at 315.7p after the UK's biggest retailer hit its forecasts with a 2% rise in Q3 underlying UK sales and said its new discount range is helping to boost sales volumes and customer numbers. The news from Tesco surprised many analysts who had predicted flat to lower sales.
The news helped promote Morrisons, up 7p at 244.75p, but Sainsbury fell 8475p at 274.5p.
Holiday operator Thomas Cook gained 7.9p at 170.1p after revealing a strong profit performance and giving an upbeat assessment on current trading.