Tesco confirms sale of its Asian business

Tesco (TSCO.UK) stock rose 1.9% after Britain’s biggest retailer announced it will complete the sale of its Thailand and Malaysia businesses to CP Group later this month, in a deal worth 8 billion pounds. Tesco said that CP Group had now reviewed and was satisfied with the formal notice of approval from the Office of Trade Competition Commission in Thailand. Malaysia's antitrust regulator had approved the transaction last month. Tesco is planning to focus on its business in Europe and intends to return about £5 billion of the proceeds to shareholders via a special dividend, which was expected to be paid out on or around 26 February. It also would make a £2.5 billion to its pension scheme.

Tesco (TSCO.UK) stock failed to break above the upper limit of the downward channel, which is additionally strengthened by 50 SMA (green line) and price pulled back. As long as stock is trading within the channel, steady downward move looks to be the base case scenario. The nearest support to watch lies at 2.20. However if buyers will manage to break higher, then upward impulse towards 2.31 or even 2.36 could be launched. Source: xStation5

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