Touted by The Observer last week as one to watch in 2004, Somerfield’s shares have been back on the move over the Christmas period, up 9.8% to 137.25p. Somerfield’s performance certainly does make a mockery of the failed 120p a share bid from John Lovering and Bob Mackenzie back in June 2003.
Somerfield’s share price will stay an interesting proposition over the month as it announces its interim results on January 21. Strong figures could see the share price go even higher.
Meanwhile, the rest of our portfolio performed well. The value of our basket of shares rose 3% with only Safeway and Dairy Crest failing to achieve an increase in value.