03/06/14 Market Movements
The FTSE100 closed down 27.8 points to 6,836.30 (0.41%).
Today’s top news regards the supermarket industry:
Tesco Plc’s three-month sales and market share fell the most in at least two decades, according to research published today, adding to investor concern ahead of tomorrow’s quarterly report.
The supermarket company’s share of its domestic market fell 1.5 percentage points to 29 percent in the 12 weeks ended May 25, the biggest decline since records began in 1994. Its sales in that period dropped 3.1 percent, also a record, the researchers said.
Tesco may tomorrow report its worst quarterly U.K. sales performance in more than a decade, according to a survey of analysts conducted by Bloomberg News. The grocer is losing ground to discounters Aldi and Lidl, as well as the upscale Waitrose chain.
Wm Morrison Supermarkets Plc, the smallest of the U.K.’s big four grocers, continued to struggle, with sales dropping 3.9 percent and market share declining to 10.9 percent from 11.6 percent a year earlier, according to Kantar.
Aldi and Lidl’s combined share of the market is now 8.3 percent, up from 6.5 percent a year ago.