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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

London Stock Exchange
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Share Price: 258.30
Bid: 258.30
Ask: 258.50
Change: 3.70 (1.45%)
Spread: 0.20 (0.077%)
Open: 254.60
High: 259.20
Low: 254.60
Prev. Close: 254.60
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Britain's FTSE supported by AB Foods as U.S. election looms

Tue, 08th Nov 2016 16:57

* FTSE 100 up 0.5 pct at close

* Primark owner beats expectations

* Marks and Spencer to close stores

* Imperial Brands drops after results (Adds detail and quote, updates prices at close)

By Kit Rees and Alistair Smout

LONDON, Nov 8 (Reuters) - Britain's top share index roseslightly on Tuesday in choppy trade as voting in the U.S.election got underway, with better-than expected-results fromPrimark-owner AB Foods helping to support shares.

AB Foods jumped 5.8 percent after the group said itexpected to benefit from Britain's vote to leave the EuropeanUnion and saw profits rising despite a weaker pound hurtingmargins at its British stores.

The company's results beat analysts' average forecasts. Itsaid next year's results would be helped by its sugar business,and a weak pound would improve the value of its overseasearnings.

"Helpful FX moves are helping sugar margins (already up onbetter global sugar prices), bringing focus back to the'ingredients/agriculture' segment to prove that the ABF storycan still be something other than discount fashion and Primark,"said Mike van Dulken, the head of research at Accendo Markets.

The stock was the stand-out mover on the FTSE 100, whichended a choppy session 0.5 percent higher at 6,843.13 points.

The index rose 1.7 percent on Monday, its biggest daily risesince early September, to end a 5 session losing streak.

Signs that Republican Donald Trump was gaining in the pollslast week knocked appetite for equities globally. However, theFBI declined to bring charges against his rival, DemocratHillary Clinton, over the weekend, and several polls out onMonday gave her a lead.

Markets have been spooked by the prospect of a Trumppresidency, given his uncertain policy stance, and havegenerally been positioned for a Clinton win, which analysts sayrepresents the status quo and could spark a relief rally.

"We believe that a Clinton win would see a rally in Europeanstocks. A Trump win, on the other hand, could bring forth acorrection," analysts at Barclays said in a note. The resultwill likely be known before European markets open on Wednesday.

Top faller was Marks & Spencer which dropped morethan 5 percent after it said it was closing stores as profitsand clothing sales fell.

"Given our bearish view on UK consumer confidence and futureclothing spend we hope that M&S' five-year recovery strategywill be a case of "two steps forward, one step back" but fear itmay be "one step forward, two steps back"," analysts atJefferies said in a note.

Imperial Brands also fell after its own results. While itbeat full-year expectations, that failed to assuage concern overnew investment. (Reporting by Kit Rees; Editing by Tom Heneghan)

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