MIDAS VERDICT:

Tesco has had a good pandemic. The question that remains is whether it can deal with supply chain issues and falling consumer firepower that seems to be on its way this winter.

The odds are in Tesco’s favour, as it has costs it can trim, a supply chain that is the envy of its rivals, and even a bank that seems to be doing well despite the closure of its current account operation.

After the Morrisons’ private equity auction, some even speculate that the company may be on someone else’s shopping list. That could provide a fillip for shareholders. Buy.