Here are three things you need to know in the financial markets today from investment writer, Tony Cross.
1. Tesco trading update highlights gain in market share
There’s a trading update out from Tesco (LON:TSCO) this morning covering the 13 weeks to 28th May. Sales at a group level are up 2% year on year, whilst looking at pre-pandemic levels, the numbers comes in at 9.9%. Market share in the UK is growing, with the company noting that it continues to see improvements in its quality and value proposition, outstripping peers. Management note that they are now seeing some changes in customer behaviour as a result of the inflationary environment.
2. Glencore: commodity trader’s marketing business impresses
Glencore (LON:GLEN) has also issued a trading update covering its coal industry and marketing businesses. Detail here is limited with changes in underlying prices being the key driver but the company notes it marketing segment is expected to post half year EBIT of more than $3.2bn, which is above the top end of guidance. Half year financial results for the group are due on 4th August.
3. Future plc: trading update shows company on course
Future plc (LON:FUTR), the global platform for specialist media, has notified the market that it has completed the acquisition of Who What Wear, a leading digital-only women’s lifestyle publisher, along with its latest trading update. Detail is limited but the company reports the encouraging start to the second half of the year has continued and that it is on track to achieve full-year 2022 guidance.