The London Report: Ocado slides for seventh straight day – Financial Times
Ocado missed out on a FTSE 100 rally, with the grocery delivery specialist sliding for a seventh straight day after Barclays advised selling. Proof of earnings was a long way off and new customer wins were unlikely to move the price significantly, whereas operational problems might, Barclays said.
Miners led the wider market higher as talk of production cuts by Chinese refiners helped lift iron ore prices.
Glencore climbed a day before earnings, while Ferrexpo was helped by an upgrade to “overweight” from JPMorgan.
Standard Life Aberdeen, which has lost 25 per cent of its value since its merger in August, rallied after management pulled forward a share buyback.
Testing specialist Intertek dropped after reporting half-year organic revenue growth that was slower than its two closest peers, Bureau Veritas and SGS.
InterContinental Hotels retreated on a disappointing room count and a cautious second-half outlook for the US, which echoed comments from sector peer Marriott International overnight.
Domino’s Pizza led the FTSE 250 fallers after its interim results showed weakening like-for-like sales growth, deeper international losses and a reduced target for new openings this year.