Shares of Tesco Plc, Asda, Morrisons, and Sainsbury soared earlier today after the release of research reports by Kantar and Nielsen regarding the UK retail grocery sector. Tesco shares were up 15.1%, Morrisons spiked 17.4%, Asda rallied 11.0%, while Sainsbury rose 13.5% on the report.
Kantar’s report indicated that the UK grocery sector sales were up 16.9% in the 12 weeks to July 12, while Nielsen’s report revealed that the sector’s annualised growth for Q2 ending July 11 was 10%.
The retail shares surged on the report, which showed that the grocery retail sector was barely affected by the COVID-19 lockdowns.
According to Kantar, the major UK grocery retail chains have the following market share.
The reports were a major boost for the retailers who are currently in the middle of a major recall of various grocery products including seafood, dairy, pies and curry products following warnings from the Food Standards Agency.
Tesco share price