Source: Sharecast
Marks & Spencer was the top performer on the index after announcing over the weekend that its click & collect service has been restored following the recent cyber attack.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "It’s been a long slow journey to regain operational fitness, but Marks and Spencer has finally rebuilt its digital muscle. It’s clearly welcome news that click and collect services are back up and running after months of disruption. The recovery is a little behind the timeline set out back at the company’s AGM in July.
"However, the IT reboot and overhaul was also a chance to accelerate its digital transformation agenda, which is why it may have taken a little longer than initial forecasts. Shares have risen by around 2% in early trading, an indication of slightly warmer sentiment towards the company. But they remain 13% lower year to date. Investors will want to find out the full financial impact of the disruption, with previous estimates that it could cost as much as £300 million in lost sales and operational disruption. It is likely that this will be mitigated by insurance claims and cost efficiencies made elsewhere."
Streeter said there will be high hopes that M&S can put this "highly problematic chapter" behind it, and the early signs are that there is pent up demand.
"Its strong set of annual results showed the retailer was in a resilient position before the cyber attackers infiltrated systems. Sales growth in the fashion and home & beauty division reflected improved customer perceptions of value, quality, and style," she said.
"Demand for M&S food remains robust, with increased volumes driving growth. So, with the underlying performance remaining solid, and the harmful cyber attack in the rear-view mirror, it bodes well for M&S ahead."
Precious metals miner Fresnillo rallied even as gold prices lost some of their shine on reports the Trump administration might not put tariffs on gold bars after all.
On the downside, energy firm SSE was the biggest loser on the index.
FTSE 100 - Risers
Marks & Spencer Group (MKS) 340.60p 2.59%
Fresnillo (FRES) 1,744.00p 2.53%
Pershing Square Holdings Ltd NPV (PSH) 4,102.00p 2.24%
Airtel Africa (AAF) 211.00p 1.93%
IMI (IMI) 2,276.00p 1.52%
Hikma Pharmaceuticals (HIK) 1,766.00p 1.49%
Diageo (DGE) 2,051.00p 1.48%
British American Tobacco (BATS) 4,286.00p 1.37%
M&G (MNG) 263.20p 1.27%
Glencore (GLEN) 291.85p 1.25%
FTSE 100 - Fallers
SSE (SSE) 1,750.00p -3.05%
Croda International (CRDA) 2,513.00p -2.18%
Mondi (MNDI) 1,059.00p -1.85%
JD Sports Fashion (JD.) 86.42p -1.46%
Ashtead Group (AHT) 4,993.00p -1.36%
InterContinental Hotels Group (IHG) 8,712.00p -1.27%
CRH (CDI) (CRH) 8,086.00p -1.03%
Smurfit Westrock (DI) (SWR) 3,223.00p -0.98%
Rentokil Initial (RTO) 374.80p -0.98%
BAE Systems (BA.) 1,721.00p -0.95%