Marks & Spencer Share News (MKS)

Shares of Marks &Spencer rose sharply following its first-half results on Wednesday, pushing the company's forward price-to-earnings multiple to just over 13, from just over 12, writes the Financial Times' Lex column. The reason for that, tellingly, is that many analysts did not revise their full-year forecasts higher in the aftermath of those numbers. So were the share price gains justified? That depends. Has the company finally managed to restore the fortunes of its fashion segment? The short answer is no, the paper said. In the most recent quarter its clothing sales dropped 3%, versus up 2.4% over at Next. True, gross margins in clothing are now expected to be higher and free-cash flow improved as capital spending was cut back.Hence the small rise in the dividend. Nevertheless, and quite fittingly, all of the above action took place ahead of Guy Fawkes Night - which epitomises Brits' penchant for expensive, and ephemeral, fireworks displays. But that is all the share price move was - fireworks - so it's time to move on, Lex says.As if the international price of gold plumbing four-year lows were not bad enough, Egypt-focused Centamin on Wednesday cut its production forecast for its Sukari mine. Whereas only a month ago it was confident of reaching output of 420,000 ounces of gold, now it only expects an increase to between 370,000 and 380,000 ounces, resulting from lower grades mined and a decrease in output.That is still better than last year's mark of 356,943 ounces but still 12% less than its previous estimate for 2014. "Back to their bad old ways of overpromising and underdelivering," griped analysts at Panmure Gordon.On the positive side of things, the firm continues to be on track to reach a rate of production of between 450,000 to 500,000 ounces a year, once it has expanded its ore-processing plant. It is also free of debt and unhedged with cash. Even so, 'sell', says The Times' Tempus, adding that "gold demand and prices look shaky at best".