European markets up following Greek debt deal, but Tesco's shares plummet

pulse

June 16, 2017 8:56 AM

European markets up across the board as deal ends risk of default, while Tesco shares plummet following the news Amazon is buying Whole Foods.

FTSE 100, 16th June.

The news that Amazon plans to buy Whole Foods has upended a good start to the day for the major food retailers. But European markets remain up on Friday , following the news that Greece yesterday reached a deal with international creditors, ending a period of uncertainty over whether it would default on its debt.

The UK's benchmark share index the FTSE 100 was up 0.44% at 7,452.25 points as of 15:18 p.m. BST (10:18 EST), after dropping to a low of 7,378.50 yesterday.

But the big news is Tesco: Tesco was the morning's top gainer, up 1.36%, after the news that inflation has helped boost its sales, and reporting an increase in like-for-like UK sales this quarter of 2.3%, compared to the same quarter in 2016. However, following the news Amazon plans to buy Whole Foods, it has plummeted 5.72%.

Supermarkets are now the biggest losers of the day, with J Sainsbury down 4.61%, Marks & Spencer down 1.71% and Morrison Supermarkets down 0.38%.

Here is the chart of Tesco's performance:

And here is the chart of the FTSE's performance:

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