Online retailer Ocado officially joined the FTSE 100 today, while embattled department store Marks & Spencer narrowly avoided dropping off the blue chip index.
Ocado was promoted from the FTSE 250 in a quarterly reshuffle by index provider FTSE Russell that also saw bookmaker GVC promoted.
Ocado’s FTSE jump comes after the retailer’s shares soared over 40 per cent earlier this month in the wake of a deal with American retail group Kroger.
The company’s stock is up 124 percent year-to-date thanks to a string of distribution deals cheered by the market.
Ocado’s market cap has ballooned to £6.1bn, overtaking several FTSE 100 companies and triggering the promotion.
According to analyst group Kantar Worldpanel, the online retailer has attracted an additional 132,000 new households over the past 12 weeks alone and has seen its year-on-year sales increase by 12.7 per cent.
News is not so good for Marks & Spencer.
The High street retailer has seen its shares drop 5.5 percent this year, with its market capitalisation now stands below Ocado’s.
M&S was saved from being kicked off the FTSE100 thanks to security company G4S and South African private healthcare provider Mediclinic, whose smaller size meant they were relegated instead.