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| FTSE 100 edges higher but Ocado shares slide | |
| (about 3 hours later) | |
| Shares in Ocado have fallen after the online grocer said investment in a new distribution centre would increase short-term costs. | Shares in Ocado have fallen after the online grocer said investment in a new distribution centre would increase short-term costs. |
| The news overshadowed a 13.1% increase in the company's retail sales to £312.7m over the 13 weeks to 27 August. | The news overshadowed a 13.1% increase in the company's retail sales to £312.7m over the 13 weeks to 27 August. |
| Average orders per week rose 16% to 254,000, although the average order size dipped 1.2% to £106.25. | Average orders per week rose 16% to 254,000, although the average order size dipped 1.2% to £106.25. |
| Shares in the FTSE 250-listed company fell as much as 6% before recovering slightly to stand 2% lower by midday. | |
| The benchmark FTSE 100 index struggled for momentum at first before heading higher, and by midday it was up 22.16 points at 7,275.44. | |
| Shares in plumbing and heating supplier Ferguson, which was formerly called Wolseley, rose 2.1% after Citi raised its rating on the company to "buy". | |
| Supermarket shares were in favour after the latest figures from research firm Kantar Worldpanel indicated that sales in the sector rose by 3.6% in the 12 weeks to 10 September. Sales growth has now been above 3% for six months. | |
| Shares in Sainsbury's rose 2.5% while Tesco and Morrisons were both up by 1.6%. | |
| On the currency markets, the pound was unchanged against the dollar at $1.3499 but it was down 0.3% against the euro at 1.1259 euros. |