Tesco share price is having the third consecutive red day of the week as most UK shares slipped on Thursday. The negative sentiment was also evident by a 76 points drop in the FTSE 100 index. Nevertheless, the stock of the British grocery retailer closed 0.84% above its previous close.
According to the latest Tesco news, the UK grocery inflation has hit single digits for the first time this year. The effect of decreasing inflation is also reflected in Tesco shares, which are trading close to their yearly highs.
Tesco shares are currently up 12.5% from their yearly lows. The outlook on the UK grocery shares are looking very positive ahead of the festive season. The UK online sales are expected to increase 2.7% during the holiday season.
As a result, a retest of 288p is still on the cards for Tesco share price. The price is slowly gravitating toward this level. The only major resistance is the yearly high around 283p which caused this week’s pullback.
This post was last modified on Nov 16, 2023, 17:11 GMT 17:11