Tesco shares unmoving as supermarket ‘turns corner’

<p>Shares in Tesco have not made up ground, despite the company claiming to have turned a corner.</p>

Shares in Tesco have supposedly turned a corner in terms of the success of its domestic operations, but the company's share price is yet to pick up in trading today (December 24th).

Furthermore, the supermarket juggernaut is rumoured to have shortlisted Chris Bush – Tesco's UK chief operating officer – for the role of UK chief executive.

The top job has ben vacant since the departure of Richard Brasher in March 2012, which was one of many shock developments concerning the company this year.

In October, Tesco posted a 12.4 per cent profit drop – which was the first the firm had experienced in more than two decades – while main rival Sainsbury's has closed the gap between the companies.

At 11:25 GMT on the London Stock Exchange, shares in Tesco retreated by 0.3 per cent to 338.75p per unit, while competitor Sainsbury's witnessed a drop of 0.4 per cent to 350.10p per share.

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