Middle-class favourite Ocado leads FTSE 100 higher

London markets climbed this morning as middle-class favourite and online supermarket Ocado leads the FTSE 100 higher.

The capital’s premier FTSE 100 index added 0.47 per cent to reach 7,571.48 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, gained 0.72 per cent to hit 22,327.31 points.

Online supermarket Ocado was by far the biggest winner in the City this morning, topping the FTSE 100 by climbing 7.44 per cent.

Investors poured into the delivery-only supermarket despite fresh data from the British Retail Consortium released this morning revealing shop prices are accelerating at the fastest rate since 2012.

Experts are concerned the soaring cost of living could trigger a pull back in consumer spending driven by inflation eroding households’ real income, causing them to tighten their belts.

Telecoms giant Vodafone was also among the best performers in London this morning after it posted a bumper set of results revealing revenues climbed to over £5bn. 

Its shares were up 3.25 per cent during early exchanges.

Meanwhile, on the mid-cap FTSE 250, Cambridge-based cybersecurity firm Darktrace was the top dog, advancing nearly five per cent.

The pound gained ground on the greenback, strengthening 0.15 per cent to buy $1.3542.