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Everybody Joins The Party

09 January 2019 by lberuti

Retail has been one of the best performing sectors over the first few sessions of the year. Today, UK retailers led the charge. Market researchers Nielsen and Kantar Worldpanel released data that showed consumer spending over the key Christmas period has been more robust than expected in the UK. Most of these companies will give analysts sales update in the coming days, but investors did not bother to wait, nor did they seem to care about the vote on Brexit due in Parliament next Tuesday. They sent the risk premia of the whole group much tighter. TSCOLN ( Tesco Plc ), Britain’s largest supermarket, outperformed its peers and was only second to Asda among the big four which also include SBRY ( J Sainsbury Plc ) and Morrisons. It was crowned best performer of the day. Its 5-yeard CDS closed 19bps tighter at 137bps, while MARSPE’s ( Marks and Spencer Group Plc ) was 12bps tighter at 215bps. Even SBRY which missed analysts’ estimates in the morning joined the party and was 8bps tighter at 142bps.