Tesco shares shine in a down market
UK supermarket giant Tesco has produced some good first half numbers and has also raised its forecasts for the full year.
As IGTV’s Jeremy Naylor explains the market reaction has been good in what is otherwise a depressed stock market with almost all benchmarks down on the day. Tesco stock is up almost 3%.
Tesco stock price
Tesco, a big British retailer, is doing well in the stock market today, even though other stocks are going down. They reported really good numbers for the first half of the year and said they expect to make even more money for the whole year. During the first half of the year, they made a lot of profit, with sales in the UK going up by 8.4 percent to £30.75 billion. Their banking division is also doing great, with profit going up by 25 percent to £65 million. And to top it off, they're giving some of their profit back to their shareholders by giving them a special dividend of £250 million.
Tesco's positive outlook
All this good news is making Tesco's stock go up by 2.57 percent today, while the overall stock market is going down by 0.25 percent. Even though Tesco's stock price hasn't moved outside of the range of 258 pence and 274 pence, it's still one of the best stocks to have in London today. Investors are really happy about Tesco's positive outlook for the whole year, which makes them think that Tesco is going to do even better.
Tesco's really good financial results for the first half of the year, and their expectation of even more profit, have made their stock price go up a lot. This is different from all the other stocks that are going down. Tesco is standing out as one of the best stocks to have today.
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