By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks climbed Thursday, led by
Tesco PLC shares after the supermarket company laid out a
turnaround plan, with retailer Marks & Spencer PLC among the
few decliners.
The FTSE 100 leapt 1.3% to 6,500.91, with only seven of its
components trading lower.
Topping the benchmark was Tesco , with a 4.9% rise coming as
Britain's biggest supermarket chain said it plans to close 43
unprofitable stores, sell off assets and cut prices. The company
said it won't pay a final dividend. Same-store sales, excluding
gasoline, fell 2.9% in the 19 weeks to Jan. 3, surpassing analyst
expectations. The decline was an improvement from a 5.4% fall in
the second quarter.
Rival supermarket chain J Sainsbury rose 3.4%, and Wm Morrison
Supermarkets PLC gained 2%.
Marks & Spencer shares fell 2.7%, holding at the bottom of
the FTSE 100, after the high-street retailer posted a fall in sales
for the key Christmas period, stemming mainly from the
general-merchandise portion of its business. Total group sales were
down 1.6%, with U.K. sales dropping by 1.1% for the 13 weeks ended
Dec. 27.
Meanwhile, Standard Chartered PLC shares rose 2.5%, after the
Asia-focused bank said it will work to slash $400 million in costs
by shutting its stock-trading and underwriting business.
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