Tesco share price stable despite UK retail sales drop  17/09/2021

Tesco share price is holding firm in spite of the latest drop in retail data.

Data released today shows UK retail sales over July-August fell by 0.9 per cent. This is the fourth consecutive monthly drop in consumer spending.

Given the significance of retail spending in the UK economy, many are wondering if the economic rebound from the re-opening has ended. Food store sales dropped by more than 1 percent while fuel sales rose 1 percent, perhaps reflecting the trend that consumers are spending more on travelling.

For Tesco, the overall outlook remains stable. But if consumer spending were to drop further into the golden quarter, it would suggest serious troubles in household income. For now, the market is expecting a spending rebound as we head into the New Year.     

Tesco’s share price is trading at the top of the range and encountering resistance at 260p.

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