U.K. Stocks Little Changed After 2nd Weekly Rally; Ocado Slumpsby
British equities trimmed an earlier decline to close at a level that was little changed, after posting a second straight week of gains.
Online grocer Ocado Group Plc slumped 7.8 percent, the most since Jan. 6, after Amazon.com Inc. stepped up its incursion into the nation’s grocery market by signing an agreement to sell hundreds of Wm Morrison Supermarkets Plc products. Morrison shares added 5.9 percent to reach an April 2015 high. Miners led gains in the benchmark, with Glencore Plc and Anglo American Plc adding at least 3.9 percent.
The FTSE 100 Index added less than 0.1 percent after last week reaching a Jan. 5 high. This year’s 2.3 percent decline still makes British stocks the best performer among developed markets in Europe. The broader FTSE All-Share Index was also little changed, while Ireland’s ISEQ Index added 1.5 percent today. The volume of FTSE 100 stocks changing hands was 8.5 percent lower than the 30-day average.