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Supermarkets top FTSE after strong summer

Supermarkets top FTSE after strong summer

Shares in supermarkets have jumped to the top of FTSE 100 after a strong summer of sales fuelled by high inflation.

Market researchers Kantar Worldpanel said sales grew 3.6% in the 12 weeks to 10 September.

Discounters Lidl and Aldi continued to grab market share from the 'big four' with growth of 19.2% and 15.6% respectively taking the shares of the market to 5.3% and 6.9%.

Tesco (TSCO) enjoyed a 2.7% jump in sales, followed by Morrisons (MRW) at 2.3%, Sainsbury's (SBRY) at 2.1% and Asda at 1.5%.

Morrisons was among the biggest risers on the index, up 2.2% at £12.38, Sainsbury's rose 1.9% to 241.6p and Tesco added 1% to 185.8p.

That helped the FTSE 100 rise 23 points, or 0.3%, to 7,275. 

But gains for supermarkets did not extend to Ocado (OCDO), which fell to the bottom of the FTSE 250, down 3.6% at 289.9p as the online grocer warned over an increase in short-term costs.

 

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