Britain's retailers boosted by hopes of post-election fillip for festive period [Reuters]
WM MORRISON UNSP/ADR (MRWSY)
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Source: Reuters
Britain's retailers boosted by hopes of post-election fillip for festive period LONDON (Reuters) - Britain’s retail sector was boosted by Prime Minister Boris Johnson’s resounding general election victory on Friday, as investors factored in expectations of a step-up in consumer sentiment and spending in the key holiday season period. The poll victory will allow him to end three years of political paralysis and take Britain out of the European Union within weeks. Shares in three of the UK’s four biggest supermarket groups - Tesco ( TSCO.L ), Sainsbury’s ( SBRY.L ) and Morrisons ( MRW.L ) - were up 4.1%, 3.6% and 2.3% respectively by 0921 GMT, while clothing and food retailer Marks & Spencer ( MKS.L ) was up 9.4%. Analysts said pent up consumer demand could find a release in big grocery shops in the lead up to December 25 and higher spending on so called “big ticket” items. The protracted uncertainty around Brexit and the incessant media coverage was strong enough for consumers
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