This is not just results: London markets boosted by M&S profit hike

UK retail institution Marks and Spencer boosted London markets during the opening session today as investors poured into the stock after it hiked its profit outlook.

The capital’s mid-cap FTSE 250 index, which M&S is listed on, advanced 0.34 per cent to 23,445.61 points.

The premier FTSE 100 index was up 0.33 per cent to 7,298.35 points.

British high street stalwart M&S lifted its expectations for full year profits, driven by strong trading in its food business. 

Clothes and home sales dipped one per cent over the six months to October 2, despite the retailer making improving its clothing range a central long term goal.

Its shares shot up to the top of the best performers in the City this morning, soaring more than 15 per cent.

Cambridge-based cybersecurity firm Darktrace finally managed to eke out some gains, adding 2.05 per cent, after suffering an assault on its share price over the last two weeks.

Broadcaster ITV was the best performer on the FTSE 100, surging more than eight per cent.

Bookmakers tempered gains on London markets during the first hour of trading, with Ladbrokes and Coral owner Entain and Paddy Power parent company Flutter both down over 0.95 per cent.

The pound lost ground on the greenback, weakening 0.14 per cent to buy $1.3532.

European shares were mixed after the bell. Germany’s Dax 30 edged down 0.11 per cent, while the pan-European Stoxx 600 rose 0.08 per cent.