Commenting on supermarket results this week, Paul Inkster, Co-Head of Product at Barclays Stockbrokers, said: “Supermarkets were top of the agenda for investors yesterday as reports from Tesco of poor retail sales over the holiday season saw the company's share price fall dramatically, down 16% on the day. As a result, Tesco was the top traded stock with Barclays Stockbrokers clients on Thursday 12 January. Tesco accounted for 28.8% of the total trades, on what was the busiest trading day of the New Year so far for Barclays Stockbrokers.
“Despite the drop in value, sentiment from traders towards Tesco was almost overwhelmingly positive, with the vast majority of Barclays Stockbrokers clients taking the opportunity to purchase the stock at a price that was perceived to be good value. Of the deals placed in Tesco yesterday by Barclays Stockbrokers clients, an unprecedented 96% were buys.
“There was a knock on effect across the retail sector, with Sainsbury’s placing second on the purchase list by Barclays Stockbrokers clients and Morrisons fourth, both seeing their share prices follow a similar trend to Tesco. In contrast, Ocado rallied and the online grocer was the 10th most popular purchase.”
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