Countryside Properties, M&S drive UK midcaps down; banks raise the FTSE 100

  • Tesco and M&S slip after raising profit outlook
  • Countryside Properties falls as CEO resigns
  • FTSE 100 up 0.2%, FTSE 250 down 0.4%

Jan 13 (Reuters) – London’s FTSE 250 index fell on Thursday, led by shares of Countryside Properties and Marks & Spencer, while a rise in financials and commodities heavyweights helped the FTSE 100 rise. to climb up.

The domestically-focused mid-cap index (.FTMC) closed 0.4% lower, with homebuilder Countryside Properties (CSPC.L) dropping 20.6% to the bottom of the index after a disappointing business update and the resignation of its managing director.

Marks & Spencer (MKS.L) fell 7.9% after the retailer raised its full-year forecast of a pre-tax profit of at least 500 million pounds ($686 million) from a earlier estimate of around £500 million.

Join now for FREE unlimited access to Reuters.com

Register

Laura Hoy, an analyst at Hargreaves Lansdown, said M&S shares had “significantly climbed since the start of the pandemic, and it will take much more than a boost to earnings to support these expectations”.

Tesco (TSCO.L), Britain’s biggest retailer, also raised its profit outlook on stronger-than-expected Christmas sales, but along with other retailers warned of the coming cost pain of transport costs, wage increases for warehouse workers and more expensive raw materials. Read more

Its shares slipped 0.9%

“That answer seems a bit crude but may have more to do with stocks near 11-month highs and that certainly doesn’t mean they can’t go higher in the longer term,” said Michael Hewson, analyst at CMC Markets. said about Tesco.

Tesco and M&S have gained almost 20% and 75.1% respectively over the past year, marking a strong recovery from the pandemic-induced selloff.

The FTSE 100 (.FTSE) ended up 0.2%, boosted by HSBC (HSBA.L), Prudential (PRU.L), Barclays (BARC.L) and Lloyds Group (LLOY.L).

The blue-chip index is on track for its fourth consecutive week of gains as energy, mining and banking heavyweights helped it outperform both the broader European index (. STOXX) and the UK Mid Cap Index (.FTMC) this year.

Oilfield engineering and services company Wood Group (WG.L) jumped 20.5% after it said selling a division as part of its consultancy business was the best option to create new jobs. shareholder value. Read more

Join now for FREE unlimited access to Reuters.com

Register

Reporting by Shashank Nayar and Devik Jain in Bengaluru Editing by Amy Caren Daniel and Mark Potter

Our standards: The Thomson Reuters Trust Principles.

About Nancy Owens

Check Also

Swati Dhingra joins the Bank of England’s Monetary Policy Committee | Monetary Policy Committee

Chancellor Rishi Sunak has chosen a vocal Brexit critic as the next member of the …