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Tesco (TSCO) Share Price London Stock Exchange October 29

Tesco (TSCO) Share Price London Stock Exchange October 29

Tesco (TSCO) is going through a difficult period, on Tuesday it opened at 170.50p having closed at 169.10p on Monday. However, Tuesday was a tough day and at one point the share fell as low as 168.43 before closing at 169.93p.

The midday dip came as the City became concerned about the value of Tescos land. It is thought that Tesco could be forced to write down the value of some of its larger stores which are underperforming. Some analysts are forecasting a write down of 5 billion to 10 billion which would seriously affect the companys balance sheet and erase the majority of shareholder equity.

However, most brokers remain neutral about the shares with just a few leaning towards sell. None are recommending buying at the moment. It seems that investors agree with 53.56% of shares traded on Tuesday being sold and 46.44% bought.

OCA News Editor

Jenny McKinnley is OCAs financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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