FTSE 100 movers: M&S boosted by broker note; Phoenix slumps

London’s FTSE 100 was up 0.2% at 8,285.18 in afternoon trade on Monday.

Marks & Spencer was the top gainer as RBC Capital Markets lifted its price target on the shares to 400p from 350p as it raised estimates on the ‘outperform’ rated stock, pointing to sales momentum and the recent re-rating of the UK food retail sector.

The bank said the M&S share price has performed well year-to-date but it sees further upside driven by food outperformance, clothing full price sales and the retailer’s strong cash generation.

"Food price and value perception strong," RBC said. "We think other grocery retailers have been more focused on loyalty and the value end of their offers.

"Also, the eating out to eating in trend has helped M&S in our view."

B&Q and Castorama owner Kingfisher was also in the black ahead of half-year results on Tuesday.

Phoenix Group slumped as the pensions, savings and life insurance provider reported a 15% increase in operating profits in the first half but also said it was pulling the disposal of its SunLife division.

Sun Life sells financial products to the over-50s. Phoenix said it was ditching the disposal just three months after putting it up for sale given "current uncertainty in the protection market".

FTSE 100 - Risers

Marks & Spencer Group (MKS) 360.10p 2.53%
Fresnillo (FRES) 581.50p 2.38%
Kingfisher (KGF) 290.10p 2.11%
JD Sports Fashion (JD.) 151.35p 1.65%
3i Group (III) 3,238.00p 1.19%
Tesco (TSCO) 368.80p 1.18%
Sainsbury (J) (SBRY) 293.20p 1.17%
Persimmon (PSN) 1,658.50p 1.16%
Compass Group (CPG) 2,464.00p 1.15%
Smith (DS) (SMDS) 472.00p 1.07%

FTSE 100 - Fallers

Phoenix Group Holdings (PHNX) 553.50p -3.99%
Smurfit Westrock (DI) (SWR) 3,391.00p -2.33%
Melrose Industries (MRO) 471.40p -1.69%
Mondi (MNDI) 1,397.00p -1.45%
Entain (ENT) 724.20p -1.42%
Prudential (PRU) 615.20p -1.41%
Scottish Mortgage Inv Trust (SMT) 808.40p -1.25%
HSBC Holdings (HSBA) 651.70p -1.06%
Spirax Group (SPX) 7,440.00p -1.00%
Sage Group (SGE) 1,021.00p -0.97%