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Drapers Share monitor - Clothing adds shine to Tesco's shares

Tesco reported annual UK clothing sales growth of 16% despite the effects of 'unseasonal weather'.

Clothing chief executive Terry Green told Drapers his department had delivered a "great performance", with market share gains by value and volume. Shares were up 6.25p to 461p, as profits for the supermarket chain reached £2.6 billion.

Following the collapsed bid for Sainsbury's, rumours emerged that cash could be redirected towards a Marks & Spencer takeover, where shares rose 26p to 721p.

Sports Direct's lack of favour with the City fell to new depths as analysts at Citigroup downgraded its profit forecasts. Rumours about a bid from owner Mike Ashley for Adidas, in which he has a 3% stake, made the market nervous. Shares fell 28.25p to 245p.

Shares at Mulberry slid 6p to 183p after the Sunday Telegraph warned the time was not right to invest in niche accessories retailers.

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