May 3 (Bloomberg) -- Billionaire investor Warren Buffett cut his stake in Tesco Plc to 4.98 percent after shares of the U.K.’s largest supermarket company gained this year.
The investor reduced the holding from a last-reported level of 5.08 percent on Jan. 12, according to a statement today.
Tesco shares have risen 9.2 percent this year as the grocer smartens its supermarkets and hires more staff to revive a flagging domestic business. The retailer’s market share was 29.9 percent in the 12 weeks ended April 14, Kantar Worldpanel said last month, more than the 29.4 percent it held in the period ended March 17, though down from 30.7 percent a year earlier.
Tesco rose 0.2 percent to 366.65 pence as of 12:01 p.m. in London trading, paring a gain of as much as 0.6 percent.
To contact the reporter on this story: Gabi Thesing in London at email@example.com
To contact the editor responsible for this story: Celeste Perri at firstname.lastname@example.org