FTSE 100 movers: Grim news from M&S

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Date: Wednesday 02 Jul 2008

LONDON (ShareCast) - Marks & Spencer shares shed over 20% of their value as first quarter UK like for like sales fell 5.3% and it warned that tough conditions are here to stay for two years at least.

"We expect market conditions to continue to remain difficult and we are managing our business accordingly. As we said in May, tight stock control and management of costs are a priority," said chairman Stuart Rose in a statement brought forward by a week.

Other retailers tumbled in sympathy led by key rival Next and Kingfisher, but supermarkets were also lower on the axing M&S's food director Steven Esom. J Sainsbury, Wm Morrison and Tesco all slipped backed.

AstraZeneca topped the gainers early as the pharmaceutical giant won a victory in its legal battle against two companies that want to market generic versions of Astra’s Seroquel drug.

A US court has granted the company’s request for a summary judgement in the case in which AstraZeneca is suing Teva Pharmaceuticals and Sandoz for alleged patent infringement.

FTSE 100 - Risers
Old Mutual (OML) 93.60p +5.64%
AstraZeneca (AZN) 2,247.00p +5.49%
GlaxoSmithKline (GSK) 1,155.50p +4.76%
Admiral Group (ADM) 795.00p +4.67%
Aviva (AV.) 501.00p +4.48%
Reckitt Benckiser Group (RB.) 2,707.00p +4.24%
Standard Life (SL.) 209.50p +4.23%
Tullow Oil (TLW) 943.50p +4.14%

FTSE 100 - Fallers
Marks & Spencer Group (MKS) 258.25p -18.79%
Next (NXT) 840.00p -7.64%
Sainsbury (J) (SBRY) 290.25p -6.45%
Wolseley (WOS) 339.75p -5.69%
Tesco (TSCO) 350.00p -3.58%
Kingfisher (KGF) 103.10p -3.37%
Land Securities Group (LAND) 1,170.00p -3.31%
Hammerson (HMSO) 883.00p -2.91%

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