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Ocado leaps as most European shares sink lower
by Chris Marshall on Oct 08, 2013 at 09:58
Another day without resolution of the US government's partial shutdown and investors are getting increasingly antsy, with politicians’ failure to end their budgetary stalemate sending shares in Europe further down.
Adding to the grumpy market mood was weak data on China’s economic progress; the Markit/HSBC services PMI report came in at 52.4 in September, down slightly from August.
Asian shares had managed to buck losses on Wall Street, but in Europe the Stoxx 50 fell 0.4%.
Continuing its decline since mid-September, Britain’s FTSE 100 was off nearly 0.5% on Tuesday morning at 6,407. The index remains up 9% so far in 2013 but is nearly 500 points off the highs hit in May.
Of London shares, Marks Spencer (MKS.L) was down 3% to 466p, adding to losses yesterday when Credit Suisse put out a bearish note on the high street chain. Bernstein was to blame for the day’s decline, after it cut its rating on M&S to ‘underperform’ from ‘market perform’.
ITV (ITV.L) shares rose 1.7% to 184p after analysts at Exane BNP Paribas upped their target price to 210p, keeping their ‘outperform’ rating.
Ocado (OCDO.L)’s gravity-defying share price rise continued, with a leap of nearly 8% to 461p. That gain – which was attributed to a bullish ‘buy’ note from Goldman Sachs yesterday – means the stock is now up 524% over the past 12 months.
The British pound fell back against a slightly stronger US dollar, down 0.3% to $1.6048. The string of improving UK economic data reports was interrupted by an update from the British Retail Consortium (BRC) showing retail sales values rose by 2.4% year-on-year in September, down from gains of 3.6% year-on-year in August and 3.9% in July.
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