Supermarket chain Morrisons (LON:MRW) saw shares soar over 10 percent this morning after the company reported better than expected sales over the Christmas shopping period.
In a statement, the supermarket said that like-for-like sales, excluding fuel, rose 0.2% in the nine weeks to 3 January – analysts had feared another set of negative results.
Morrisons have had a difficult 12 months, selling off 140 of its convenience stores below market value and seeing a 52 percent drop in annual profits last year and in December, the retailer dropped out of the FTSE 100.
Today’s figures from Kantar Worldpanel suggested another set of negative results, saying that Morrisons had lost 2.6 percent of market share and now claims only 11 percent of the overall grocery market.
Morrisons is currently trading up 10.24 percent at 167.90 pence per share (0911GMT).
12/11/2016
