Ocado to join FTSE 100 elite in reshuffle

Ocado has officially been launched into the FTSE 100 after a year of unprecedented deal-making by the company.

The retail business has been selling its technology to international partners, culminating in a transformational deal with US retailer Kroger earlier this month.

Yesterday the London Stock Exchange confirmed that Ocado will be promoted into the FTSE 100, to be made effective after market close on June 15.

Scandal-hit G4S, which recently posted a fall in revenue, will be demoted into the FTSE 250 index, alongside Mediclinic International.

London’s blue-chip index closed the session 0.75% or 56.93 points higher at 7,689.57.

Trading was mixed across Europe, as the Cac 40 in France was down 0.2%, but Germany’s Dax rose 0.93% in the afternoon.

In currency markets, sterling was up 0.23% against the dollar at 1.328. Against the euro, the pound fell 0.75% to 1.139.

Oil prices surged following reports that the Organisation of the Petroleum Exporting Countries will keep supply levels steady.

Data also showed exports from Iran fell in May, after the US announced it would impose sanctions.

Towards the end of trading, Brent crude jumped 2.67% higher to 77.380 US dollars a barrel.

In UK markets, the Royal Bank of Scotland (RBS) became one of the biggest fallers on the FTSE 100 after it emerged its finance director Ewen Stevenson had resigned.

Shares closed for the day down 3.9p to 276.1p.