Retailers guided the FTSE 100 to a record high yesterday.
On a positive day for investors, London’s blue-chip index rose 1.6 per cent, or 128.02 points, to 8023.87.
That left the FTSE 100 above its previous record close of 8014.31 in February last year.
The mid-cap FTSE 250 index was also on the march, up 1.1 per cent, or 208.09 points, to 19599.39.
High Street store chains and major supermarkets led the way as optimism coursed through City trading floors.
On a positive day for investors, London’s blue-chip index rose 1.%, or 128.02 points, to 8023.87. That left it above its previous record close of 8014.31.
Ocado gained 3.2 per cent, or 11.2p, to 358.4p after a report over the weekend said the online grocer is under pressure to ditch its London listing for New York.
Investors are said to have called for the company to properly explore the possibility of moving its main trading across the Atlantic.
Ocado has been on a rollercoaster ride since its float, with shares down almost 90 per cent since they peaked at 2895p during Covid lockdowns in September 2020.
The group could join the drug maker Indivior (down 0.5 per cent, or 8p, to 1506p), which said in February it was considering shifting its primary listing from the UK to the US in the summer.
Building materials giant CRH and Flutter, the Paddy Power and Betfair owner, have already done so.
Joining Ocado in the retail rally were supermarket and High Street giants.
Sainsbury’s shot up 3.9 per cent, or 10.2p, to 269p, M&S gained 4.4 per cent, or 10.8p, to 256.6p and B&M rose 2.8 per cent, or 14.4p, to 524.8p following a bullish research note from the investment bank Jefferies.
Stock Watch –
Shares in an Australian miner more than doubled in value after it agreed to be bought for almost £200million.
Base Resources digs up mineral sands which contain metals used as pigments for paint and toothpaste and rare earths for magnets.
It has backed a £196million offer from Energy Fuels, a US-based uranium and critical minerals producer, to buy all of its shares.
Shares rocketed 122.2 per cent, or 6.6p, to 12p.
Tesco also rose after it launched a £450million share buyback.
Britain’s largest supermarket wants to purchase £1billion worth of share by April 2025. Shares rose 3.5 per cent, or 9.7p, to 291.1p.
The price of bitcoin rose nearly 2 per cent to around £66,000 just days after digital coin’s so-called ‘halving event’ – when the reward for mining bitcoin is cut in half, and tends to occur every four years.
Cerillion, which provides billing, charging and customer relationship management software, expects to report a record first half as demand booms.
It said revenues and profit look to have risen 10 per cent to £22.5million and £10.9million respectively in the six months to the end of March.
Shares, however, slid 1.7 per cent, or 25p, to 1470p.
Medical diagnostics firm Cambridge Nutritional Sciences, which is behind a health app that helps patients monitor foods to avoid and replace, also reported a solid set of results.
The group expects revenues to have increased by 30 per cent to £9.8million in the year to the end of March, beating market forecasts.
The company should also swing back into a profit having made a £2million loss the year before. Shares soared 13.9 per cent, or 0.45p, to 3.7p.
Cambridge-based video streaming specialist Aferian had a day to forget after issued a profit warning and revealed its chief executive Donald McGarva plans to leave in October.
The group said it has been affected by a slump in orders as customers delayed spending. Shares tumbled 36 per cent, or 4.5p, to 8p.
