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Numis reiterated its “hold” rating on the trading group, and said it believes “good strategic progress is being made with the stockbroking offering in the Netherlands and work towards a regulatory licence in Dubai”. The broker added that it has increased investment forecasts for the second half of this year.
Analysts at Edison said the financial services firm’s results have exceeded their estimates. The broker noted that customer activity rose 11 per cent, “with the corporate division beating our expectations”, and said the current year had started well, with further strong cash generation expected.
S&P Equity Research reiterated its “hold” rating on the retailer, noting that the company’s first quarter trading update was better than expected, and said: “Encouragingly, Tesco’s price cuts produced a 1.4 per cent rise in UK volumes in Q1 although like-for-like sales fell 1.3 per cent in value terms.”