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November 5th, 2014, 3:47 am | By trader | Published in LUNCH IS FOR WIMPS | Comments on this postComments Off

Tesco is still flooded by news regarding its investigation into its £250 million black hole, yet punters are still at it in their shopping list wherein some are still optimistic that the supermarket giant had hit the bottom of the charts.

The shares are now down to more than 20 % in the recent month since the unveilings emerged, yet its delayed first-half results that were due last week provided investors with the more reason to consider that things are going to improve.

The promise is that the chairman, Richard Broadbent and the new chief executive Dave Lewis will be meeting in order to plan out and sort out the problem. The blame points to the regime under the former chief executive Phil Clarke with regards on how he apparently was dropped as some of David Cameron’s business advisers.

Things are not normally very simple to comprehend but Tesco shares are spending most of the day at the top of the table, only to plunge a little forward toward the end of the afternoon session which finished 4.75p at 1,793.

Hospitality mogul Intercontinental Hotels Group took the top spot ahead of its third-quarter figures which was up 93.p at 2,249p.

Traders remained predominantly unconvinced of any positive news for the markets albeit Asian shares making the recovery. Investors in the Square mile are still distressed regarding the slowing growth and a reemerging crisis in the Eurozone brought about the spread of Ebola.

Last week’s rally sputtered out and the FTSE 100 cascaded 43.22 points to 6,267.07. It is now down more than 5 % this month after it hit a 15-month low last week.

Oil shares were not out of favour once more as the oil prices slumped lingered; oil and gas giant BG group was at the bottom of the blue-chip table which was down 40.5 % to 1,024.5p and oil services engineer Petrofac which slid down 30p to 1030p when a trio of experts cut their individual price target for the group.

Tech stocks were on top on the sell list after disappointing updates from IBM and SAP. Smartphone microchip designer ARM Holdings lost 23.5p to 851p ahead of the results of Apple.

Small-cap explorer President Energy surged almost 80 % up 13p to 30p on news that it allegedly was able to find oil in Paraguay.

Finally, according to AIM Tanzania-based Shanta Gold, its third quarter production was up 4 % when it gained 0.5p to 9.38p.

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