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FTSE 100 movers: Ocado rallies; Ferguson drops after results

Mon, 10th Jun 2019 14:36

(Sharecast News) - London's FTSE 100 was up 0.6% at 7,378.32 on Monday afternoon amid easing trade tensions, with the pound lower after the release of weak UK GDP figures.

Ocado was the standout gainer after the online grocer said it was making a 17m investment in the vertical farming industry.

The company said it has formed a joint venture, Infinite Acres, with vertical farming participants 80 Acres Farms and Priva Holdings. Each of the parties will hold a third of the equity in the JV. Acres Farm is based in the US, while Priva is based in the Netherlands.

In addition, Ocado has bought a 58% stake in Scunthorpe-based Jones Food Company, which is the largest operating vertical farm in Europe.

Numis, which rates Ocado at 'buy', said: "These investments present an opportunity for Ocado to leverage its technologies in a related industry whilst building expertise in vertical farming with a view to co-locating facilities with customer fulfilment centres."

On the downside, Ferguson was in the red as the plumbing products specialist's third-quarter revenues missed estimates following a slowdown in US growth.

Elsewhere, Hargreaves Lansdown was also under under pressure a day after chief executive officer Chris Hill apologised to clients for the impact of the recent problems with the Woodford Equity Income Fund.

In a statement on Sunday, Hill said: "We all share their disappointment and frustration. Our priority right now is to support our clients and keep them informed.

"Our aim remains to provide the best possible service and choices to allow people to manage their investments simply and effectively. The shortcomings of one fund should not detract from the benefits of favourite fund lists like the Wealth 50."

FTSE 100 - Risers

Ocado Group (OCDO) 1,151.50p 3.46%

Antofagasta (ANTO) 829.00p 2.98%

NMC Health (NMC) 2,258.00p 2.64%

Standard Chartered (STAN) 705.80p 1.99%

Evraz (EVR) 645.60p 1.99%

Kingfisher (KGF) 213.10p 1.77%

TUI AG Reg Shs (DI) (TUI) 756.20p 1.75%

Rio Tinto (RIO) 4,596.00p 1.72%

Anglo American (AAL) 2,006.50p 1.66%

Just Eat (JE.) 599.20p 1.63%

FTSE 100 - Fallers

Ferguson (FERG) 5,004.00p -6.43%

Hargreaves Lansdown (HL.) 1,877.50p -3.20%

Ashtead Group (AHT) 1,909.50p -2.28%

Next (NXT) 5,610.00p -1.85%

Fresnillo (FRES) 800.20p -1.45%

Rolls-Royce Holdings (RR.) 898.20p -1.23%

United Utilities Group (UU.) 825.40p -1.13%

Severn Trent (SVT) 2,057.00p -1.01%

Burberry Group (BRBY) 1,765.50p -0.93%

Direct Line Insurance Group (DLG) 325.00p -0.91%

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