Market Report: Ron Baron has faith in online retailer AO World

The online fridges-to-washing machines retailer AO World was dismissed by many in the City but the New York billionaire Ron Baron has faith in the business. He bought into the Bolton-based retailer through his investment company Baron Capital Management when AO World floated in February. Despite the shares losing 41.8 per cent since the first day’s trading, Baron Capital has been building its stake, crossing the 5 per cent threshold yesterday.

Baron joins hedge fund supremo Crispin Odey in backing the business. Odey Asset Management owns 3.8 per cent of AO World, which lost 8p to 220p.

A buoyant mining sector helped the FTSE 100 and it closed up 37.18 at 6,851.75. JPMorgan turned bullish on miners, with Rio Tinto reaping the most benefits, up 151.5p at 3,340p.

Broadcasters fell as the possibility of a merged Sky Europe spooked investors. BSkyB shed 21.5p to 868.5p, ITV was off 2.2p at 186.8p and BT Group was down 8.2p at 374.3p.

On the FTSE 250, engineer WS Atkins added 80p to 1,347p thanks to an upgrade from Numis, while SuperGroup continued to fall, 60p lower at 1,065p. The Superdry owner has now tumbled 38.9 per cent since the start of April.

Small-cap software maker Anite leapt 8.5p to 91.5p after a positive update. The company, which serves the telecoms, leisure and travel sectors, said the roll-out of 4G has boosted business.

Blur Group crashed 123p to 155p after downgrading revenues for the second time in less than a month and warning it may need more financing. The Aim-listed company lets businesses buy legal, marketing and other services online, and has decided to take a “more conservative view” on when to record some revenues.

Market research specialist BrainJuicer also lost 103p to 414p after warning costs are set to rise.

Bosses at Graphene Nanochem said its fall in price has left them baffled. But the company, which is hoping to put graphene to use in the oil and gas sector, lost 4.25p to 71.25p.

Bahamas Petroleum, which recently welcomed the former BP executive Bill Schrader to its board, rose 0.465p to 3.7p after narrowing losses to $5.2m in 2013, down from $6.3m.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Executive / Foreign Exchange Dealer - OTE £40,000+

£16000 - £40000 per annum: Recruitment Genius: A Foreign Exchange Dealer is re...

SThree: Experienced Recruitment Consultant

£20000 - £40000 per annum + OTE + Incentives + Benefits: SThree: Established f...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE 40/45k + INCENTIVES + BENEFITS: SThree: The su...

Recruitment Genius: Collections Agent

£14000 - £16000 per annum: Recruitment Genius: This company was established in...

Day In a Page

The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea