Tuesday, 19 September 2017

FTSE 100 opens flat but Ocado shares slide

Shares in Ocado have fallen after the online grocer said investment in a new distribution centre would increase short-term costs.

The news overshadowed a 13.1% increase in the company's retail sales to £312.7m over the 13 weeks to 27 August.

Average orders per week rose 16% to 254,000, although the average order size dipped 1.2% to £106.25.

Shares in the FTSE 250-listed company fell 6% in early trade.

The benchmark FTSE 100 index was little changed as trading began, edging up 6.78 points to 7,260.06.
Shares in plumbing and heating supplier Ferguson, which was formerly called Wolseley, rose 1.6% after Citi raised its rating on the company to "buy".

On the currency markets, the pound rose 0.2% against the dollar to $1.3520 but fell 0.2% against the euro to 1.1269 euros.

BBC    News.