FTSE 100 higher despite M&S share fall
- 25 May 2016
- From the section Business
(Noon): Banking shares helped to lift the market, but shares in M&S slid after the retailer said its turnaround plan was set to hit profits.
Shortly after midday, the FTSE 100 was 37.55 points higher at 6,256.81.
New chief executive Steve Rowe says he intends to lower clothing prices and reduce the number of sales promotions.
Royal Mail shares rose 1% to 526.5p after regulator Ofcom said it would not impose any new price controls on the company.
Ofcom said it had decided against new controls because of the declining market for letters and increasing competition for parcel deliveries.
Electrical goods and mobile phone retailer Dixons Carphone rose 0.5% as it pushed up its full-year profit forecast after enjoying strong sales. It now expects profits of between £445m and £450m.