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
