Three important things you need to know from across the markets this morning from investment writer, Tony Cross.
Shares in the online grocery play Ocado have been rattling around in recent weeks but today’s trading update appears to have given the market some much needed direction. By mid-morning the stock was leading the FTSE-100, up almost 8% as impressive revenue growth against the comparative 2022 figure provided some cheer. Bumper Christmas sales were also logged and whilst the modest uptick in average basket size was reflective of the cost of living crisis, management also noted confidence that food price inflation continues to subside.
AIM-listed microcap Critical Mineral Resources saw its share price lurch higher this morning after the company announced it had acquired 26 mining permits in Morocco. The total consideration here is just £225,000 so there’s clearly some decent upside potential although the stock is trading with a 13% spread, putting the 36% gain into perspective.
The stalwart of many a suburban shopping mall published a trading statement today, but despite the promise of positive momentum, investors have been selling the stock in early trade. Online sales are however falling sharply – there was a pick up in the latter part of the year, but the question here is perhaps has the digital channel now maxed out in its current format. Management do expect full year profits to be at the top end of forecasts, but it feels as if there’s concern as to where the longer term growth comes from.
