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FTSE 100 movers: Retailers Marks & Spencer and Morrisons lead gains

Thu, 06th Nov 2014 15:23

Shares of Marks & Spencer were registering sharp gains for a second day on Thursday as analysts at Deutsche Bank, Citi and UBS all upgraded their price targets on the stock. The shares gapped higher at the start of trading, pushing the stock further above its 200-day moving average, according to analysts.On Wednesday, the stock registered its busiest day of trading in a year and a half after a better-than-expected first-half profit from the firm, which lifted the shares past their short-term downtrend, technical, analyst Bill McNamara at broker Charles Stanley pointed out. As far the Financial Times' Lex column is concerned, however, the gains were nothing but an over-reaction to the slightest indication of positive news.Supermarket chain Wm Morrison said like-for-like (LFL) sales slipped 6.3% in the third quarter but was optimistic about the Christmas trading period after price cuts and a new Match & More loyalty card that was proving "extremely popular". Morrison's LFL's including fuel were down 8%, but the ex-fuels figure was an improvement on the 7.6% drop seen in the second quarter. Cantor Fitzgerald restarted coverage of the grocer with a recommendation for investors to 'buy' and a price target of 185p.Shares in Sainsbury were close behind after the company, along with joint venture partner Danske, opened its first Netto discount stores in Leeds. Nevertheless, Shore Capital explained to clients that it remained cautious towards UK superstore groups as investment propositions.Shares of Randgold Resources bounced higher after the miner said it experienced a "robust" third-quarter performance. Management is confident of delivering a record year, what with quarterly gold output at all-time highs and costs being well contained. Production totalled 299,320 ounces in the third quarter, up 8% on the preceding three-month period.First-half profits and cash flow from credit information group Experian hit the top end of expectations despite a decline in US consumer revenue due to rebranding, sending the stock towards the top of the leader-board. Organic revenue growth was unchanged and total revenue from continuing activities grew 4.5% to $2.39bn at actual rates, up 4% at constant exchange rates, driven by a return to growth in Brazil after the World Cup and good growth across all business lines in the UK and Ireland.RSA Insurance reported "strong" third-quarter profits due to gains on selling non-core businesses and said its overhaul was making progress. But the group led by former RBS boss Stephen Hester said its underwriting result in the quarter was weak overall and posted a 9% fall in premiums, causing shares to slip. FTSE 100 - RisersRandgold Resources Ltd. (RRS) 4,031.00p +7.07%Morrison (Wm) Supermarkets (MRW) 172.20p +6.03%Sainsbury (J) (SBRY) 262.00p +5.94%Marks & Spencer Group (MKS) 470.00p +5.83%Experian (EXPN) 994.50p +5.80%Tullow Oil (TLW) 505.50p +3.27%Tesco (TSCO) 181.25p +3.13%Rolls-Royce Holdings (RR.) 874.50p +2.40%Hargreaves Lansdown (HL.) 1,029.00p +2.29%Smiths Group (SMIN) 1,210.00p +2.11%FTSE 100 - FallersRSA Insurance Group (RSA) 467.60p -3.41%Admiral Group (ADM) 1,260.00p -2.78%Persimmon (PSN) 1,429.00p -2.26%Ashtead Group (AHT) 1,036.00p -1.99%GlaxoSmithKline (GSK) 1,409.00p -1.88%Imperial Tobacco Group (IMT) 2,783.00p -1.38%London Stock Exchange Group (LSE) 2,048.00p -1.30%easyJet (EZJ) 1,550.00p -1.27%Lloyds Banking Group (LLOY) 76.34p -1.19%Barclays (BARC) 235.30p -1.16%

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