The FTSE 100 index has jumped in today’s session, with investors shrugging off concerns over the trade war between the US and China. Ocado (LON:OCDO) meanwhile has soared to the top of the blue-chip leaderboard following upbeat comments by Peel Hunt.
Blue-chip index rebounds
As of 12:08 BST, the Footsie had added 79.12 points to stand 1.04 percent higher at 7,682.97. The blue-chip index has tracked Asia higher, with worries over the trade war between the US and China receding.
“Calls for a positive start come after a turnaround in sentiment in Asia overnight thanks to investors calming their fears about the current US-China trade tariff dispute,” said Mike van Dulken and Artjom Hatsaturjants at Accendo Markets, as quoted by Reuters.
Individual Footsie movers
In individual movers, shares in Ocado have been in demand as Peel Hunt reaffirmed one of the latest addition to the FTSE 100 as a ‘buy,’ calling the company the ‘Microsoft of retail’.
“It doesn’t happen very often, but we believe Ocado Solutions has potential to become the ‘standard’ platform for retail logistics across all sectors as the operating system of retail,” the analysts pointed out, as quoted by City A.M., suggesting that it could become the open industry standard, with “niche, closed, exclusive platforms like those from Apple” leading to “a quick rise, but eventual stagnation, whereas generic, open, standard platforms like Windows and Android supersize”. Ocado’s share price is currently 4.01 percent higher at 986.87p.
At the other end of the spectrum has been Berkeley Group (LON:BKG), whose shares have been sold off as the London-focused housebuilder warned of a fall in profits this year. The group’s shares are 5.17 percent down at 3,923.00p.
The FTSE 100 was 0.79 percent up at 7,663.66 points as of 12:25 BST on Wednesday, 20 June 2018.