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The FTSE100 is once again hugging the flatline although the blue chip index is well off the worst levels of the day, the flip from red to green has been driven by a turnaround in UK online grocer Ocado Group, up just under4% on the day after it narrowly escaped being removed from the FTSE 100 index during the recent reshuffle, but its position remains precarious due to ongoing concerns about its business model, according to Investment Week. Ocado made its debut on the London Stock Exchange in July 2010, experiencing a tumultuous initial public offering (IPO) process. Initially aiming for a market valuation exceeding £1 billion and a share price target of 200-275p, the company revised its target to 180-200p on the eve of the IPO. Ultimately, it only achieved the lower end of the revised target, floating at 180p per share. At launch, the company's market capitalization stood at £937 million, although some analysts argued its true value was significantly lower, estimating it at around £500 million. Ocado Group comprises various entities, with the most recognizable being Ocado Retail, the online grocery arm. Additionally, it includes ocado.com and Ocado Zoom among its operations. Abrdn once again sits at the top of the table as investors continue to cheer the buyback program announced yesterday adding a further 4.4% to yesterday's gains.

On the negative side of the ledger Flutter Entertainment sits at the bottom of the table down 1.55% on the session closely followed by Vodafone losing just over 1.2% on the day amidst lingering concerns regarding anti competition investigations for its German business after it was claimed that Vodafone had impeded a competitor 1&1 with respect to radio mast use.

On the fundamental front, May's construction PMI data indicated a slight improvement in overall output in the UK, driven by faster growth in commercial building and civil engineering sectors. However, the report highlighted that house building remained in a depressed state. The seasonally adjusted S&P Global/CIPS UK Construction PMI, which tracks month-on-month changes in industry activity, recorded a reading of 51.6 in May, up from 51.1 in April. This marked the fourth consecutive month above the neutral 50.0 threshold. The report emphasised that house building experienced the sharpest decline in activity, reaching a three-year low. Concerns about the impact of higher interest rates and subdued market conditions continued to weigh on the housing sector, hampering its growth.

FTSE Bias: Intraday Bullish Above Bearish below 7550

• Below 7467 opens 7388
• Primary resistanceis 7660
• Primary objective 7388
• 20 Day VWAP bearish, 5 Day VWAP bullish

(Click on image to enlarge)

(Click on image to enlarge)

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