Ocado trade sharply higher today boosted by industry report that the online grocery sales surged in the last month, as the coronavirus lockdown has change the shopping habits. In the 12 weeks period to June 14 take-home sales increased 13.7%
The FTSE 100 is jubilant today, having gained more than 1.10% ahead of an important speech by Boris Johnson on reopening measures. The rebound in manufacturing and services sectors have also accelerated the momentum. At the same time, Ocado share price is in trouble today. It is the third-worst performer in the index after Hikma and RightMove. The shares are down by more than 2.9% and are trading at £1992.
Ocado share price is little changed since Thursday, when it dropped to a low of 1920p. Today, the share price has declined by just 0.05% even as the FTSE 100 index has gained by more than 2%. This wavering is partly because investors are still reflecting on the £1 billion hoard the company raised last week.
Ocado online supermarket raised £1 billion to capitalize on the rapid change in online grocery shopping habits sparked by the COVID-19 crisis. Ocado raised £657 million through an equity placing and £350 million through a debt issue of guaranteed senior unsecured bonds due to mature in 2027.