Oil and Ocado buoy Euro­pean in­dices

Irish Independent - - Business - Reuters

EURO­PEAN stocks pushed higher yes­ter­day as com­modi­ties-re­lated sec­tors ral­lied and shares in Ocado rock­eted af­ter the com­pany signed a part­ner­ship deal, while Ital­ian eq­ui­ties re­cov­ered some lost ground.

The pan-Euro­pean Stoxx 600 was more than 0.5pc higher at a more than three­month high, as shares in en­ergy stocks and min­ers rose on the back of firmer com­modi­ties prices.

Italy’s bench­mark FTSEMib index rose af­ter stocks there fell more than 2pc on Wed­nes­day when a leaked draft coali­tion pro­gramme in­di­cated that the par­ties planned to ask the Euro­pean Cen­tral Bank to for­give €250bn of Ital­ian debt.

Shares in on­line su­per­mar­ket Ocado surged 44pc in Lon­don – an all-time high af­ter the com­pany signed a deal with US re­tailer Kroger to use Ocado’s tech­nol­ogy for gro­cery de­liv­er­ies in the world’s big­gest mar­ket.

“The short sell­ers were hop­ing Ocado wouldn’t de­liver on its in­ter­na­tional ex­pan­sion plans. That po­si­tion now looks like a badly busted flush,” said Laith Kha­laf, se­nior an­a­lyst at Har­g­reaves Lans­down.

Ire­land’s ISEQ Over­all Index ad­vanced just over 1pc to 7,081.83.

Shares in pack­ag­ing gi­ant Smur­fit Kappa were al­most 1pc higher at €33.98. They fell more than 5pc on Wed­nes­day af­ter US suitor In­ter­na­tional Pa­per said it would not pur­sue a takeover at­tempt of the Ir­ish firm un­less the Smur­fit Kappa board sup­ported it.

Paddy Power Bet­fair ad­vanced 2.1pc to €95.90 as it con­tin­ues to be buoyed by the like­li­hood that the US mar­ket will open to in­ter­net gam­bling.

The UK’s FTSE-100 rose 0.70pc. Ger­many’s DAX was up 0.91pc and France’s CAC-40 rose 0.98pc.

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