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* Tesco, M&S slip after lifting profit outlooks
* Countryside Properties drops as CEO steps down
* FTSE 100 up 0.2%, FTSE 250 off 0.4%
(Updates to close)
By Shashank Nayar
Jan 13 (Reuters) - London's FTSE 250 index slipped on
Thursday, dragged down by shares of Countryside Properties and
Marks & Spencer, while a rise in heavyweight financial and
commodity stocks helped the FTSE 100 edge higher.
The domestically-focussed mid-cap index closed 0.4%
lower, with homebuilder Countryside Properties
dropping 20.6% to the bottom of the index after a disappointing
trading update and as its chief executive stepped down.
Marks & Spencer slipped 7.9% after the retailer
nudged up its full-year forecast for profit before tax to be at
least 500 million pounds ($686 million) versus a prior estimate
of about 500 million pounds.
Laura Hoy, an analyst at Hargreaves Lansdown said, M&S
shares had "climbed markedly higher since the start of the
pandemic, and it will take a lot more than a nudge to profits to
sustain those expectations."
Tesco, Britain's biggest retailer, also raised its
profit outlook on stronger than expected Christmas sales, but
along with other retailers it warned of pain to come from higher
freight costs, wage hikes for warehouse workers and more
expensive raw materials.
Its shares slipped 0.9%
"This response seems a little churlish but may have more to
do with the fact that the shares are close to their highest
levels in 11 months and it certainly doesn't mean they can't go
higher longer term," CMC Markets analyst Michael Hewson said
about Tesco.
Tesco and M&S have gained nearly 20% and 75.1% over the past
year, respectively, marking a strong recovery from the
pandemic-induced sell-off.
The FTSE 100 ended 0.2% higher, boosted by HSBC
, Prudential, Barclays and Lloyds Group
.
The blue-chip index is on track for its fourth consecutive
week of gains as heavyweight energy, mining and banking stocks
have helped it outperform both the wider European index
and Britain's mid-cap index this year.
Oilfield services and engineering firm Wood Group
jumped 20.5% after it said selling a division under its
consulting business was the best option to deliver value for
shareholders.
(Reporting by Shashank Nayar and Devik Jain in Bengaluru
Editing by Amy Caren Daniel and Mark Potter)
