Tesco has announced that like-for-like sales are demonstrably up (more of shortly). Meanwhile demand for the US dollar has put the euro under pressure as Eurozone CPI data nears. Just before 7pm the euro was down 0.66% at $1.1143 while the pound was 0.12% higher at $1.2766. The yen is 1.42% higher against the dollar at 111.12.
Closer to home was a big sell-off in UK retail shares yesterday as the ONS revealed slower retail growth data: Next shares were down 6% while M&S shares slumped 4.7%.
Some big losses yesterday also for miners with Fresnillo, Anglo American and Randgold Resources seeing 7.26%, 6.03% and 4.89% falls from more commodity price pressures. Adding to the general gloom was oil prices with WTI at $44.50. Crude values are close to a six-week low.
- UK FTSE 100 7,419.36 -0.74%
- Dow 21,359.90 -0.07%
- S&P 500 2,432.46 -0.22%
- Nasdaq 6,165.50 -0.47%
- DAX 12,691.81 -0.89%
- CAC 40 5,216.88 -0.50%
- Gold 1,254.10 -0.01%
- Oil WTI 44.49 +0.07%
Tesco like-for-like sales boost
The big headline news this morning is Tesco. First quarter sales growth beat market expectations thanks in part to more demand from fresh food. The crucial numbers for Tesco are like-for-like sales which climbed 2.3% in the three months to the end of May. The analyst consensus was 2.2%.
These are the strongest growth numbers from Tesco for seven years. International like-for-like sales were down 3.0% in the quarter, due to a -2.7% hit “from discontinuing unprofitable bulk selling of products - particularly tobacco and alcohol - in Thailand,” says Tesco.
“This is a good start to the year,” says boss Dave Lewis, chief exec, “with our sixth consecutive quarter of positive like-for-like sales growth across the Group. We are confident in our plans to create long-term, sustainable value for our key stakeholders.”
Amec Foster Wheeler snags Oz contract
FTSE 250 energy player Amec Foster Wheeler says it has won an engineering procurement contract win worth AUD$298m from Gruyere Management. Gruyere is the manager for a joint venture with Gold Road Resources and the Gruyere Mining Company.