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Sterling dropped half a percent against the dollar and 0.3% against the euros, taking it away from the highs it hit at the start of the week. This wasn’t enough to boost the FTSE, however, with the UK index stuck just under 7170 once again. The Eurozone indices were just as inert this morning, the DAX and CAC falling 0.1% and 0.2% respectively.

The big news of the day came from Tesco, which announced it was buying Booker Group, the UK’s largest food wholesale operator, for £3.7 billion. Booker, crucially, also owns Budgens and Londis, adding to Tesco’s already terrifying chunk of the supermarket sector – it is a clear move by the blue brand to become more aggressive in solidifying its status as top dog, and has undoubtedly pleased investors, who sent the stock 10% higher after the bell

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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