Jan 28, 2019

Ocado shares rise after M&S deal report

Ocado shares rose as much as 6.7% in London trading after a report suggested it may agree a deal with Marks and Spencer enabling the larger firm to make home deliveries. Ocado currently has a deal with southern England-focused Waitrose, which is due to come to an end in September 2020. Its website already offers wedding cakes, party food and alcoholic drinks for collection, but it lacks a delivery network the likes of Tesco, Morrison, Sainsbury's or Asda have. After those earlier gains, Ocado shares settled to stand 3% higher at 975p. Marks and Spencer shares rose 2% to 295p. M&S, founded in 1884, has been struggling in recent years to keep up online in both food and clothing. Food sales were down 2.9% and clothing and home sales slid 1.1%. A deal of any kind is not certain, the newspaper reported.

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