FTSE 100 movers: UBS comments lift M&S, Rightmove gains on REA offer

Retail stocks were in focus on Monday as broker commentary moved share prices, while takeover speculation was pushing the price of property portal Rightmove higher.

M&S was among the day's highest risers after analysts at UBS reiterated a 'buy' rating for the stock, setting a target price of 435p – a level not seen since December 2015 and an 18% premium to Friday's closing price.

“We believe that the exceptional FY 2024 performance is just the start of a multi-year market outperformance story for M&S," UBS said, citing market-share gains in both the food and clothing markets.

Sector peers Kingfisher, AB Foods, JD Sport Fashion and Next were also performing well.

However, discounter B&M was was the worst performer, falling nearly 3% to its lowest levels of the year as UBS initiated coverage of the stock with a 'sell' rating. The bank said the company's competitive advantage through its direct-sourcing model was losing momentum.

Rightmove's share price gained, but well below its highs of the day, after the company received a third takeover offer from Rupert Murdoch’s REA Group, valuing the company at £6.1bn. The company said it would respond to approach "in due course".

AstraZeneca was firmly lower after revealing that a key trial of its breast cancer treatment, Dato-DXd, failed to improve overall survival rates.

FTSE 100 - Risers

Kingfisher (KGF) 328.90p 1.89%
Marks & Spencer Group (MKS) 375.50p 1.62%
JD Sports Fashion (JD.) 154.25p 1.45%
SSE (SSE) 1,957.50p 1.35%
Flutter Entertainment (DI) (FLTR) 17,380.00p 1.34%
HSBC Holdings (HSBA) 668.40p 1.20%
BT Group (BT.A) 147.70p 1.13%
Prudential (PRU) 633.80p 1.08%
Experian (EXPN) 3,852.00p 1.05%
Associated British Foods (ABF) 2,260.00p 1.03%

FTSE 100 - Fallers

B&M European Value Retail S.A. (DI) (BME) 409.40p -2.73%
AstraZeneca (AZN) 11,566.00p -1.82%
International Consolidated Airlines Group SA (CDI) (IAG) 203.80p -1.69%
Barclays (BARC) 223.25p -1.54%
Smith (DS) (SMDS) 461.80p -1.41%
Ashtead Group (AHT) 5,556.00p -1.24%
Rentokil Initial (RTO) 360.30p -1.23%
Halma (HLMA) 2,576.00p -1.11%
easyJet (EZJ) 514.40p -0.92%
Hikma Pharmaceuticals (HIK) 1,887.00p -0.79%