Home news Ocado shares surge on Groupe Casino tie-up

Ocado shares surge on Groupe Casino tie-up

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Shares in Ocado jumped by more than 20% after the online grocer announced a long-awaited international partnership.The company has signed a deal with Groupe Casino that will see the French supermarket giant use Ocado’s e-commerce technology in its own online business.Ocado will also build a warehouse to serve the Greater Paris area, and the Normandie and Hauts de France regions.Ocado said it expected the deal “to be one of many” global collaborations.Shares in Ocado – a member of the FTSE 250 share index – were up 22% in early morning trade at 313.2p.

The FTSE 250 index was up 38.92 points at 19,920.18, while the benchmark FTSE 100 index rose 27.53 points to 7,411.43.Royal Dutch Shell was the biggest riser on the FTSE 100, up 2.5%, after it said it would return to paying dividends only in cash, which is being seen as a sign of a financial strength.The oil giant said it was ending its scrip dividend programme, under which payouts can be made in shares instead of cash.EasyJet was boosted by a couple of broker upgrades. Shares in the airline rose 2.1% after it was upgraded to “hold” by Societe Generale, while Kepler Cheuvreux lifted its rating on the firm to “buy”.On the currency markets, the pound fell 0.1% against the dollar to $1.3310 and dropped 0.2% against the euro to €1.1174.
Source: BBC