Tesco director shows his faith

Non-Executive Director of Tesco, Stuart Chambers, has shown his support for the supermarket giant just one week after the company said it would pump one billion pounds into a revamp of its UK operations.

Chambers, 55, who was appointed to his post in 2010, bought up 19,500 shares at 321.35p each for a total of £62,663.

Tesco said the new investment in the UK, its most important market, would lead to improved staffing levels, giving stores a 'warmer look and feel' and offering better prices and product ranges.

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The announcement came as the firm unveiled full year results in like with market consensus, although the firm's woes were highlighted by a 0.6% fall in its reported UK sales, excluding petrol and VAT.

Profits at the UK operation fell 1% to £2.5bn compared with the year before.

Like-for-like sales in the UK, excluding VAT and petrol, fell 1.6% in its fourth quarter, with analysts saying the company had taken its eye off its home market while chasing expansion in Asia and the US.

Top Director Buys

Tesco (TSCO)

Director name: Mr Stuart J Chambers

Amount purchased: 19,500 @ 321.35p

Value: £62,663

Hochschild Mining (HOC)

Director name: Mr Ignacio Bustamante

Amount purchased: 12,890 @ 478.99p

Value: £61,742

Top Director Sells

Bunzl (BNZL)

Director name: Mr Michael J Roney

Amount sold: 19,530 @ 1,020.97p

Value: £199,395

Bunzl (BNZL)

Director name: Mr Brian May

Amount sold: 9,982 @ 1,020.97p

Value: £101,913