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M&S share rise fails to lift FTSE 100 | |
(about 5 hours later) | |
Marks and Spencer was one of the trading day's best performers after analysts at Barclays gave a thumbs-up to management's restructuring plans. | |
M&S shares rose 1.92%, taking the price to levels not seen since last year. | |
However, the FTSE 100 index ended 3.99 points off at 7,114.55. | |
There was little corporate news to move share prices, though Reckitt Benckiser closed down 0.9% after losing 1.7% earlier following its report of flat first quarter sales. | |
Major winners included Babcock International and Antofagasta. Fallers included Anglo American and Johnson Matthey. | |
The FTSE 100's Friday fall left the index down 2.9% for the week. | |
"The FTSE has obviously had a terrible week - although corporate earnings have been somewhat of a mixed bag. The snap election, while providing medium term stability for Brexit negotiations, has created some short term market uncertainty," said Mark Ward, head of execution trading at Sanlam Securities. | |
Mid-caps also fell slightly, but small-caps maintained their outperformance on the day. They have gained 7.1% and 5.9% respectively this year. | |
"People have been reaching for the UK domestic stocks, but there's reasons to be quite cautious there still," said Eric Moore, head of Miton's UK Income fund. | |
"The UK consumer is still under the cosh. Consumption has held up quite well but it's supported by things that are unsustainable in the long run," he added. | |
The pound was down 0.30% against the dollar at $1.2777. Against the euro the pound was down 0.13% at 1.1942 euros. |