Shares in Ocado are moving higher after news that one of its key investors has raised its stake.
London & Amsterdam Trust company, the vehicle of hedge fund manager Nick Roditi, has increased its stake from around 12% to 13.08%, worth some £260m.
The news has helped push Ocado - where investors are still awaiting news of an overseas deal - up 11.9p or 3.5% to 350.4p.
Roditi, a multi-millionaire who worked with George Soros, has taken stake in various retailers, including AO World.
Retail analyst Nick Bubb said:
The much-mooted overseas licensing deal has yet to materialise at Ocado, but their core investors seem highly confident that things will work out well and it is interesting to see today that the London & Amsterdam vehicle of Internet investor Nick Roditi has snapped up another 1m shares or so, moving its stake from c12% to over 13%.
