Business | Business News The UK’s stock markets struggled to get off the ground on Tuesday as losses for gambling giants pulled on the FTSE 100. The blue-chip index was down 63.41 points, or 0.
76%, to close at 8,254.18. Flutter Entertainment and Entain were the biggest fallers of the day, with Paddy Power and Betfair owner Flutter in the midst of moving its primary listing to the US.
It is reportedly facing higher taxes on sports betting across the pond, thanks to a new bill passed in Illinois. The losses were only partially offset by gains for some retailers, including JD Sports and Ocado , after new figures showed UK shop price inflation had returned to “normal levels”. Someone clearly thinks there is value in Ocado’s shares given how the stock jumped more than 8% on no news Dan Coatsworth, AJ Bell British Retail Consortium (BRC)-NielsenIQ Shop Price Index showed that shop prices in May were 0.
6% higher than a year earlier, the lowest growth since November 2021. But experts said it was not clear what was driving a recent surge in Ocado’s share price, which spiked by nearly a 10th on Tuesday. “Someone clearly thinks there is value in Ocado’s shares given how the stock jumped more than 8% on no news,” said Dan Coatsworth, investment analyst at AJ Bell.
“This follows a strong rally last week, implying that something is going on. “Whether it’s an activist investor on the register, a return of takeover speculation, or Ocado joining the meme stock craze, it�.
