Morrisons share price up on expanded Amazon service

Morrisons share price up on expanded Amazon service

Morrisons’ share price (LON:MRW) has surged in London this morning, as the blue-chip grocer unveiled that it was expanding its same-day delivery service with Amazon. The news follows the FTSE 100 company’s first-quarter results last month.

As of 10:03 BST, Morrisons’ share price had added 0.95 percent to 197.10p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.23 percent higher at 7,384.34 points. The group’s shares have given up more than 16 percent of their value over the past year, as compared with about a four-percent fall in the Footsie.

Morrisons and Amazon expand partnership

Morrisons and Amazon said today that they were expanding their same-day delivery service, ‘Morrisons at Amazon,’ to more cities across the UK. The service, currently available to Amazon Prime Now customers in Leeds, Manchester, Birmingham, and parts of London and the home counties, will begin to be rolled out to other cities, including Glasgow, Newcastle, Liverpool, Sheffield and Portsmouth. In future years, ‘Morrisons at Amazon’ will be expanded to further cities across the UK.

“Morrisons conveniently located local supermarkets and Amazon’s very popular website and customer offer are an ideal combination, offering ultra-fast same day grocery home delivery for customers in and around cities across Britain,” Morrisons’ chief executive David Potts commented in a statement.

The news comes after Morrisons and Ocado (LON:OCDO) recently amended an arrangement which had prevented the former from expanding its relationship with Amazon further.

Analysts on London-listed supermarket

The 15 analysts offering 12-month targets for the Morrisons share price for the Financial Times have a median target of 235.00p on the shares, with a high estimate of 290.00p and a low estimate of 195.00p. As of June 10, the consensus forecast amongst 21 polled investment analysts covering the blue-chip group advises investors to hold their position in the company.

By Tsveta van Son
Tsveta van Son is part of Invezz’s journalist team. She has a BA degree in European Studies and a MA degree in Nordic Studies from Sofia University and has also attended the University of Iceland. While she covers a variety of investment news, she is particularly interested in developments in the field of renewable energy.
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