Shares in retail giant Marks & Spencer rose over 7% this morning despite reporting a 43% dip in first...
Shares in retail giant Marks & Spencer rose over 7% this morning despite reporting a 43% dip in first half profits.
Executive chairman Stuart Rose said business was “volatile” last month as consumers were forced to cut spending.
However previous analyst warnings that the group would be cutting its dividend proved unfounded. The group reassured shareholders there are currently no plans to change the dividend policy, boosting the share price.
Meanwhile RBS’s share price fell over 7% as it emerged will write down £1.4bn of assets in the third quarter and may post a full-year loss.
The bank’s new chief executive officer Stephen Hester said it is likely to write down further credit losses in the future.
The FTSE 100 opened flat as a result of the downward pull from RBS and upward swing of M&S.
It hovered around the 4420 mark with consumer cyclicals, transportation and capital goods being the strongest sectors.
However sterling fell for the third day running against the dollar and the euro leading analysts to believe the Bank of England will cut interest rates in a few days’ time.
