French bonds and stocks rocked by political turmoil – as it happened
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Shares in Tesco have jumped 1.9% this morning, to the top of the FTSE 100 leaderboard.
Traders seem pleased with its Q1 results this morning, in which the company reiterates its guidance for the full year. That includes making retail adjusted operating profit of at least 2.8bn this year, slightly higher than the 2.76bn in 2023/24.
Tesco has reiterated its guidance for flat profits, but we see this as somewhat conservative. Management is doing well, while private equity owned supermarkets - Asda and Morrisons - struggle as priorities are very different.
Tesco has a good opportunity to take advantage of these trends especially as inflation continues to ease and disposable incomes recover."
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