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Tesco sales surge lifts FTSE 100 FTSE 100 rises but Tesco loses early gains
(35 minutes later)
Tesco led the UK stock market higher after the supermarket giant's first-quarter sales growth beat expectations. UK shares were higher in morning trade but an early rally in Tesco shares quickly fizzled out.
The retailer said like-for-like sales - which strip out the impact of new stores - rose by 2.3% in the three months to 27 May, boosted by demand for fresh food. Shares in Tesco had jumped 2% initially after the supermarket giant's first-quarter sales growth beat expectations, but then gave up all the gains to stand 0.6% lower.
Shares in Tesco rose 2% in the first few minutes of trade, making them the biggest riser on the FTSE 100. The retailer said like-for-like sales rose by 2.3% in the three months to 27 May, boosted by demand for fresh food.
The benchmark share index was up 24.94 points at 7,444.30. The FTSE 100 share index was up 19.54 points at 7,438.90.
Shares in Rolls-Royce edged up 0.4% after the engineering group said it had made a good start to 2017, with "all businesses performing in line with expectations". Shares in Rolls-Royce rose 0.9% after the engineering group said it had made a good start to 2017, with "all businesses performing in line with expectations".
The company also revealed that the weakness of the pound was set to lift revenues by £400m and profits by £50m. The drop in the value of the pound since the Brexit vote means that Rolls-Royce's dollar earnings are worth more when converted back into sterling.The company also revealed that the weakness of the pound was set to lift revenues by £400m and profits by £50m. The drop in the value of the pound since the Brexit vote means that Rolls-Royce's dollar earnings are worth more when converted back into sterling.
On the currency markets, the pound climbed 0.2% against the dollar to $1.2779, and edged up 0.1% against the euro to 1.1449 euros. On the currency markets, the pound edged up 0.1% against the dollar to $1.2773, but slipped 0.1% against the euro to 1.1432 euros.