Tesco Plc, the UK’s largest retailer, rose as much as 5.5% in London trading after earnings at the international unit fell by less than some analysts expected amid a resumption of same-store sales growth in four European markets in the fourth quarter.
The shares gained as much as 15.7 pence to 302 pence, the steepest intraday advance since April 21, 2009. They traded at 297.9 pence as of 8:05 a.m.
“It’s the relief of the absence of another shock and slightly better numbers in Europe,” said John Kershaw, an analyst at Exane BNP Paribas in London. “Ultimately though, delivering in the UK is required to support the shares.”
Bloomberg
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