Tesco shares recover from early slip

<p>Shares in Tesco recovered after a note was issued by Panmore.</p>

The share price of Tesco has bounced back today (January 6th) after stocks in the supermarket chain slipped in the early stages of trading.

Stocks in the company were 0.2 per cent lower earlier in the day, with Panmore issuing a warning note on sales figures expected to be released on Thursday.

But by 14:22 GMT this afternoon, the share price of the firm was in the green again and was up by 0.38 per cent compared to the start of the session.

Graham Jones at Panmure Gordon told the Guardian that analysts are expecting Tesco's latest figures to show a two per cent drop in like for like sales for the UK.

"We remain cautious about the short-term outlook for the UK grocery market in general and Tesco's ability to arrest its market share erosion," he said, with Panmure retaining a hold status for the stock.

Tesco shares are currently selling for 331.75, which is only slightly above the firm's 52-week low for the stock, which stands at 316.60.

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