When UK analysts poured scorn on Ocado's proposed valuation last week, a spokesman for the online retailer said that the company was "happy to let the market, rather than unconnected and uninformed analysts, make its mind up". But after three days of conditional trading, it appears the market is backing the analysts.

Ocado will be admitted to the premium listing segment on the London Stock Exchange's main market on Monday morning, but conditional trading - where the shares are not officially admitted to the stock exchange but are traded on the condition that they will be - is already taking place.