Ocado claims the FTSE 350 crown while Indivior takes a kicking
Online supermarket Ocado has claimed the top spot in the FTSE 350’s best performers so far this year just months after sealing its place as a FTSE 100 player, with shares soaring after a swathe of new licensing deals.
Shares in Ocado have rocketed 126 per cent since the start of 2018, as the firm ramped up its ambitions of being a global provider of logistics technology.
A deal with Kroger, the second-largest US food retailer, in May particularly caught the eye of investors, with shares rising 45 per cent on the news of the deal. One month later Ocado joined the UK’s blue-chip heavyweights in the FTSE 100.
Read more: Ocado's warehouse robots help it boost third quarter revenue
Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "Ocado’s been the stand out performer so far this year after sealing a deal with the US supermarket group Kroger to license out its technology. 13.5 per cent of the company’s stock was out on loan to short sellers at the beginning of this year, so there are hedge funds nursing some pretty charred fingers out there."
Khalaf added: "Ocado still needs to turn promise into profits, but the last twelve months have seen the company confound its critics."
| Best performing FTSE 350 shares |
|
1. Ocado Group – 126 per cent 2. Premier Oil – 82 per cent 3. Sky – 71 per cent 4. Evraz – 67 per cent 5. Nex Group – 64 per cent |
Meanwhile, shares in Sky have jumped 71 per cent, with the satellite broadcaster watching on as Comcast triumphed over Fox in a dramatic auction to buy the firm.
Sainsbury shares also shrugged off the retail woes hurting many high street names at the moment, with stock up 33.3 per cent on the back of its plans to join forces with Asda.
However, the picture has not been so rosy for a number of poorly-performing firms on the FTSE 350.
Read more: Indivior share price drops as firm warns on lower than expected sales
Pharma giant Indivior's shares have plunged at a faster rate than any other FTSE 350 firm in 2018, with its stock falling 55 per cent in the wake of several high-profile court battles over drug patents.