That 5.2% dont kick in until August ,it 3% starting in april which puts it just over new minimum wage . |
Slave labour working for Tesco . Staff don't get paid breaks either, profits first priority. |
Market report
Tesco and Sainsbury fell 4.1% and 1.5% on further consideration of the threat from Asda’s price-cutting plans.
On Friday, the UK’s two leading food retailers saw share prices tumble 8.7% and 7.8% respectively after Asda launched a turnaround plan which includes a ‘substantive and well-backed programme of investment in price, availability’.
Analysts highlighted the threat to food retail margins and profits from a price war but stressed much depends on the success of Asda’s revival.
‘We do not take a complacent stance but neither, we sense, will the listed players. Irrational contagion lowering gross margin and earnings is the greatest concern, but we need to remember too that the listed players are better grocers than Asda with a broader customer set, stronger balance sheets, and a will to remain competitive too,’ Clive Black, retail analyst at Shore Capital said. |
Phil, MKS taking the p with prices at the mo. I've got a TSCO next door to Marks in Brooklands and may shop their more frequently. |
tesco pay at the moment £12.02 ,min wage is going to £12.21 new pay will be £12.64. |
Afternoon EI.
I couldn't wait and added a few at 323p ;-) |
Perhaps this sharp sell off also needs some wider context. The TSCO share price traded near 3 last July. The business has traded very well since tbf.
Near 3 again likely a bargain. |
NI rise in AprilPlus Tesco agrees above-inflation pay rise despite Reeves's tax hikeThe union that represents Tesco workers has hailed a "real achievement" in its pay negotiations after the supermarket giant agreed to increase pay by 5.2pc. |
Good chart support around 300p |
Agree and the feeling a week ago was 400 being far more likely than sub 330!!
Good luck all 👍🏻 |
I suspect a fund is selling down. It can't just be market manipulation by shorters and active funds to drive the shares down in this way. Its huge volume, both Friday afternoon and this morning.
Hopefully if its a fund selling(?), they will drop a Holding RNS out in a day or two to show their new % holding, and the TSCO share price will recover.
I still don't understand why anyone would sell at such low prices when TSCO performance has continued to improve over 5 years, with market share increasing and profitability improving.
ASDA's decision to embark on more price cutting, will just decimate any profits they make and lead to a price war with Lidl and Aldi, which they won't win! Desperate stuff and shows the state ASDA are in after selling off assets; cutting staff levels etc, but still losing market share. |
Indeed , that's a 10% drop now. Needs clarifying from the board. |
A statement is definitely now required from both Tesco and Sainsburys to clarify the situation. |
I have added too this morning as this drop seems way overdone based on the comments from ASDA.
Good luck all 👍🏻 |
Took some at 332 :(
Haven't got time to fanny around, have to go to work. |
'Roll on Monday, fill yer boots.'
Hope you didn't yf |
Yes the 7% drop in Sainsbury and 8% drop in Tesco shares in a couple of hours, because ASDA have a 3 year plan to turn around their falling L4L sales and falling market share is a complete nonsense.
Quiet afternoon in the City, where shorters and traders drove the price of these 2 companies down to shake the tree and see what came out?
Feel sorry for PIs who had stop losses triggered at these levels. And people wonder why most people don't want to put their hard earned savings into shares ISAs.
Hopefully both shares will recover on Monday morning, when sense prevails.
NB I remember the market "fear" for Tesco shares when Amazon / Whole Foods were going to takeover the UK supermarket top spot. Never happened and I can't see ASDA turning round years of underinvestment in their stores, or by cutting prices to the bone. All they will do is trigger the German discounters to cut even harder. |
I am hoping that we might see comments from Tesco and Sainsbury Managements on a situation where a substantial fall in their share prices appears to have been totally as a result of the Asda statement. I am particularly aware of the the number of small investors who might have lost their holdings because of stop losses being breached for no justifiable reason. I shall certainly be adding Tesco to my present holding on Monday. |
Looking at the chart, you could get a H&S which means you need the right shoulder up at 370 and then a drop to 330.
338 to 370 looks good to me. |
Damn, couldn't get in before the close. ASDA results is just ASDA.
If they want to price cut I don't think its going to do them much good.
Sainsbury prices are awful but they have a captive middle class.
Roll on Monday, fill yer boots. |
A struggling Asda is good news for strong TSCO. Too many folks panic selling out, without giving their brains time to think..
TSCO market share over 28% now, whilst Asda continues to fall
The weak get weaker and the strong get stronger... |
Chart support looks to be around 320p .
Can't believe it will get anywhere near that. But who'd have thought it would lose 10% today ? |
discounters show the strain first
BME took a hit a few weeks ago
poundland wanting out of uk
asda is a basket case
ocado up 5-6% due to chair buying yesterday - that has to fall monday |
Register to chat with like-minded investors on our interactive forums.
Hot Features
Premium
