Tesco shares climb as it builds its UK market share

Tesco’s UK sales are rising at the fastest pace for three years, industry data showed, signalling the recovery at Britain’s biggest supermarket group is gathering pace.

Shares in the company climbed over 4% after market researcher Kantar Worldpanel said Tesco’s sales grew by 2.2% year-on-year in the 12 weeks to November 6, boosting its share of Britain’s grocery market to 28.2% from 27.9% this time last year.

The shares have risen 43% so far this year, with the firm reporting three straight quarters of underlying sales growth in its main British market.