The online grocer and technology company Ocado found itself as one of the biggest gainers in early trade on Friday although that comes off the back of some significant losses during Thursday’s session. In a mid-day announcement, Ocado advised that one of its North American partners, Sobeys, had paused its go-live plans for a customer fulfilment centre in Vancouver. That was due to open next year but instead the two companies will focus on the existing distribution network. Mutual exclusivity plans have also been shelved between the two parties. Shares are up almost 3% in early trade but that comes off the back of a slump that reached 17% at one point yesterday.
Soft drinks manufacturer Britvic saw. Its shares soar in early trade on Friday after the company confirmed media speculation that it had received an unsolicited bid approach from Carlsberg. This was the second attempt by the brewer to acquire the company, with a revised offer of 1250p per share being tabled. The board however believe this offer undervalues the company. Shares were up almost 15% in early trade at 1163p.
Food producer Tate & Lyle also fared well on Friday morning as the stock continued to recover some of those losses in reaction to the CP Kelco acquisition. The news released yesterday morning received a somewhat unfavourable response from the market despite the fact the combined entity would see sales growth being bolstered. Shares were trading around 3% higher before 9am on Friday.
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