Astrazeneca, oil stocks lift FTSE 100; M&S surges on forecast hike
By Bansari Mayur Kamdar
Nov 10 (Reuters) - London's FTSE 100 climbed on Wednesday, led by Astrazeneca and oil majors, while Marks & Spencer surged after the retailer beat first-half profit forecasts and upgraded its annual forecast.
Marks & Spencer surged 15.4% to its highest level since January 2020, helping the domestically focussed FTSE 250 advance 0.3%, after the clothing and food group raised its full-year outlook for the second time this year.
"Their online aspects are really encouraging, as well as the food business. M&S has been weathering this difficult phase very well and that is why we're seeing such a strong rebound in the share price," said Craig Erlam, a market analyst at Oanda.
The commodity-heavy FTSE 100 index gained 0.4%, with oil majors Royal Dutch Shell and BP among the best performers as crude prices strengthened after an industry report showed a decline in U.S. inventories last week.
"Even if the energy firms are doing quite well, high energy prices will ultimately be a growth headwind, negatively impacting broader market sentiment and inflating pockets of the economy," said Erlam.
The FTSE 100 is up 12.9% this year but has underperformed its European and U.S. peers amid fears over inflation, supply chain problems and surging energy costs.
Heavyweight drugmaker AstraZeneca gained 0.8% after it announced plans to create a separate division for vaccines and antibody therapies.
Cycle retailer Halfords Group Plc jumped 12.9% after it raised its full-year earnings forecast as supply chain disruptions were beginning to ease.
ITV, Britain's biggest free-to-air commercial broadcaster, advanced 10.3% after saying it expected to deliver record total advertising revenue this year. (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)
