RE: Aldi & Lidl performance3 Jan 2024 08:37
Marks & Spencer made a bright start to the new year following a bumper 2023.
On the first day of trading of 2024, shares in the High Street stalwart rose 1.3 per cent, or 3.6p, to 276p following an upgrade by analysts at BNP Exane Paribas.
That was the highest level for nearly five years and came after the stock more than doubled last year, jumping 120 per cent.
The rally came amid a major turnaround in its fortunes driven by higher food sales alongside booming demand for its revamped fashion ranges.
BNP Exane Paribas said it is optimistic about the retail sector’s prospects this year. Its analysts said M&S is likely to come out as a ‘Christmas winner’ when the industry publishes festive trading updates.