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“Blue-chips opened on the front foot despite weakness in overseas markets and ahead of the latest house price data from Nationwide,” says AJ Bell Investment Director Russ Mould.
“Online grocery group Ocado’s shares surged after it agreed to partner with Groupe Casino in France. The transaction is expected to be earnings neutral in 2018 with the costs of establishing the partnership offsetting the initial fees payable. Ocado continues to make investments to commercialise its proprietary platform and expects this deal to be one of many successful collaborations with leading retailers. Ocado’s shares were up by more than 23.4% in early trading.
“Food producer Cranswick’s shares were up in early trading after a strong first half performance with double-digit increases in revenues and profits. The group invested a record £29m to improve its infrastructure in the first six months and plans to spend a total of £67m on its rapidly growing poultry business. Cranswick’s shares were up by over 4%.
“Car auction group BCA Marketplace's shares surged after it reported first half results at the upper end of forecasts. In particular, its UK vehicle buying arm saw strong growth as more people used webuyanycar.com to value and sell their vehicles. BCA Marketplace's shares were up by more than 7.1%.”
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