Tesco shares rise as ready meal found to contain 60% horsemeat
City Index February 12, 2013 10:15 PM
<p>Tesco’s shares have jumped as the supermarket removes 60 per cent horsemeat bolognese from its shelves.</p>
Shares in Tesco have regained some ground today (February 12th) amid the ongoing horsemeat scandal sweeping the grocery industry.
This is despite the fact the UK's number one supermarket's leading range of Everyday Value ready meals is found to be caught up in the contamination issue, with its spaghetti bolognese product containing 60 per cent horsemeat, according to DNA results.
The meal – which was withdrawn from sale today – came from the same factory in France that produces Findus beef lasagne, which received much media coverage over the weekend for the high quantities of horsemeat present.
Tesco Group technical director Tim Smith stated: "The frozen Everyday Value Spaghetti Bolognese should contain only Irish beef from our approved suppliers. The source of the horsemeat is still under investigation by the relevant authorities."
As such, environment secretary Owen Paterson has told MPs of government plans to test all processed beef products in the UK.
At 15:50 GMT, shares in Tesco rose by 0.8 per cent to a unit value of 371.00p.
Learn all about spread betting strategies and individual shares at City Index.