LONDON: Britain's top share index steadied on Thursday, supported by rises in pharmaceutical stocks and retailers after a well-received update from Marks and Spencer.
The FTSE 100 was down 3.60 points, or 0.1 percent, at 6,158.03 points by 1116 GMT, outperforming the broader European market.
Marks & Spencer rose 3.4 percent in strong volumes of over 100 percent of its 90-day average, after it posted a decline in sales that was less severe than expected.
Traders took heart from new Chief Executive Steve Rowe's pledge to turn around its ailing clothing division, as well as continued strength in its better-performing food division.
"He is an executive that we are minded to back, one with the commitment, energy and insight to demonstrably take M&S on a better course, something for which long-standing shareholders' pine," said Clive Black, head of research at Shore Capital, in a note, retaining a "buy" rating on the stock.
Supermarket Sainsbury also rose, up 2.2 percent after being upgraded to "outperform" from "underperform" by Credit Suisse, saying the food retail sector is a recovery story and that the grocer's bid for Argos-owner Home Retail is "financially and strategically inspired."
Gold miner Randgold Resources was the second top gainer on the index, rallying 2.3 percent after a target price hike by Credit Suisse. However, JP Morgan's rating cut on Glencore and Antofagasta sent the shares down 2.3 percent and 1.4 percent respectively.
Healthcare stocks were also in focus, with AstraZeneca up 1.3 percent, taking gains over the last two sessions to 5.9 percent and hitting its highest level since February earlier in the session.
Pharmaceuticals saw demand on Wednesday after Pfizer pulled out of a deal to buy Allergan, stoking rumours of fresh deal-making in the sector.
Fuelling demand for AstraZeneca on Thursday was an upgrade by Societe Generale, which lifted its target price and maintained a "buy" rating late on Wednesday.
The top faller, however, was Pearson, down 4.6 percent as it traded without entitlement to its latest dividend payout.
In all, stocks going ex-dividend on the FTSE 100 took around 10 points off the index.
Worldpay also fell, down 2.2 percent to 276.5p after a top shareholder in the payment processor sold part of its stake for 269p. The stock had traded well over double its 90-day average by 0830 GMT.
Comments
Comments are closed for this article.