Britain's top share index
advanced on Wednesday, as reassuring corporate reports helped
counteract modest weakness in commodity-related stocks.
Retailer Marks & Spencer led the market higher,
surging 9.1 percent after raising its margin outlook, while
aircraft parts supplier Meggitt gained on its plan to
start a share buyback programme.
Marks & Spencer was the biggest gainer in the blue-chip FTSE
100 index, after Britain's top clothing retailer by
revenue posted a rise in underlying first-half profit for the
first time in four years and raised its guidance for non-food
gross margin for 2014-15.
The update came a day after strong sales growth at discount
fashion group Primark helped boost the earnings of parent AB
Foods, although disappointing updates from supermarket
Tesco and fashion chain Next had fuelled concern about
the retail sector.
"Earnings season has not been too bad, but retailers have
been mixed. In light of what we heard from Tesco, there had been
concern, but Marks and Spencers has been all right and that's
come as a surprise," Mark Priest, sales trader at ETX Capital,
said.
"Not all the retailers are going down the pan. People are
still spending, and that's the key.
Meggitt shares rose 7.5 percent, even as the company cut its
expectations for 2015 in the latest downgrade in a series,
blaming delays in the U.S. military market and financial
difficulties being faced by its partner in Brazil.
The FTSE 100 index was up 0.9 percent at 6,514.81 points by
1514 GMT after falling 0.5 percent in the previous session.
Chartists said that the index looked well positioned to move
back towards 6,900, where the FTSE 100 had tested all-time highs
before a 10 percent drop between September and October.
"It looks like the 50-day moving average (at 6,591) could
well be tested very soon. If we hold above that, we could move
back towards September highs," Fawad Razaqzada, technical
analyst at Gain Capital, said, adding that weakness in commodity
prices could hold the index back.
The UK mining index was down 0.3 percent,
underperforming all other sectors after data showing growth in
China's services sector weakened further in October. China is
the world's biggest metals consumer.
Precious metals miners were also hit by a fall in gold and
silver prices to four-year lows, with Fresnillo down
2.9 percent, the biggest decliner in the FTSE 100 index.
Traders also attributed the falls in precious metals to
strength in the dollar after Republican gains in the U.S.
mid-term elections.
Outside the blue chips, Stock Spirits Group Plc
slumped 27.8 percent, the biggest faller on the mid-cap FTSE 250
.
The biggest vodka maker in Poland and the Czech Republic
fell after it warned that the impact of higher taxes and
aggressive pricing by competitors could hurt its full-year core
profit.
(Additional reporting by Atul Prakash; Editing by Keiron
Henderson and Susan Fenton)
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