Supermarkets in FTSE tug of war

Grocery giants Tesco and Sainsbury’s experienced contrasting fortunes after investors gained a clearer picture on recent holiday trading today.

Tesco shares slipped almost 3% – or 10.75p to 409.25p – after Christmas like-for-like sales of 3.1% came in below City expectations for growth of 4%. The update put recent figures from Sainsbury’s in a stronger light, with its shares up 10p at 389.25p as the supermarket also benefited from a broker upgrade.