Ocado has narrowly survived being demoted from the FTSE 100 index after a ranking reshuffle.
The online supermarket faced demotion earlier this week, as its stock value more than halved in the past year.
The index, which features the 100 best performing companies in London, is rebalanced four times a year by relegating any company that has fallen below 110th position on the London stock market.
Ocado had been vulnerable to ejection from the FTSE 100, however a rise in its share price last week helped it maintain its position.
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The technology group is the worst-performing member of the FTSE 100 this year, down almost 40% since the start of 2023.
Ocado’s shares have plunged by 85% since their peak in September 2020, when pandemic lockdowns first boosted demand for home deliveries of groceries.
The head of money and markets at Hargreaves Lansdown, Susannah Streeter, told The Guardian that the company has been “lifted up on the coattails of M&S”, which reported an increase in annual sales and profits last week.
She said: “Although their joint venture has been struggling, M&S has staged a slick recovery and still spies further potential with their partnership.
“It is planning to deepen its collaboration with an Ocado Retail reset under way. This will include leveraging the potential of its vast treasure trove of M&S customers.”
