Pursuits
Morrison to Spend $1.6 Billion on Online Groceries, More Stores
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Wm Morrison Supermarkets Plc said it will spend 1.1 billion pounds ($1.6 billion) to start an online groceries business next year, add more convenience stores and revamp existing shops.
Morrison stock advanced as much as 5.3 percent in London trading, the biggest intraday jump since July 2009, after the Bradford, England-based company also confirmed a technology tie-up with Ocado Group Plc and reported a smaller drop in profit than analysts’ anticipated. Shares traded at 274.70 pence, up 1.1 percent, at 11:16 a.m. in London.