The FTSE 100 Index in the UK closed higher on Thursday, with a 1.42% increase to end at 7,446.53 points. The surge was primarily driven by a 7% jump in the shares of Ocado (LON:OCDO) Group PLC. Other significant contributors to the day's gains included British Land Co., Intermediate Capital Group, BT Group (LON:BT), and SEGRO PLC, which advanced by 6.93%, 5.73%, 5.72%, and 5.53% respectively.
On the flip side, Entain PLC saw its shares plummet by 5.91%, marking the most substantial decline among FTSE 100 constituents on Thursday. Hikma Pharmaceuticals (OTC:HKMPY), GSK PLC, Severn Trent (LON:SVT) PLC, and BAE Systems PLC (LON:BAES) also experienced losses.
In currency markets, the pound showed strength against the dollar, rising by 0.35% to reach $1.2180. However, it depreciated slightly against the euro by 0.19%, settling at €1.1474.
Energy markets also saw movement as Brent crude prices rose by 1.9% to $86.28 per barrel on Thursday.
Lastly, in bond markets, the yield on the UK's ten-year gilt decreased by 11.210 basis points, closing at a rate of 4.387%.
InvestingPro Insights
Ocado Group PLC, a significant contributor to the FTSE 100 Index's surge, has some noteworthy metrics and tips according to InvestingPro. As of the second quarter of 2023, the company had a market cap of 5065.08M USD and a revenue growth of 7.43% over the last twelve months. Despite this, the company's P/E ratio stood at -8.69, indicating a declining trend in earnings per share, one of the InvestingPro Tips for Ocado.
Another InvestingPro Tip to consider is that Ocado operates with a poor return on assets, as evidenced by a -12.43% return on assets over the last twelve months as of Q2 2023. Furthermore, the stock price has fallen significantly over the last three months, with a 3-month price total return of -46.23%.
For those interested in more comprehensive insights, InvestingPro offers an additional 10 tips on Ocado and other companies. These tips, along with real-time data, can provide valuable guidance for investors.
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