FTSE 100 movers: Bid talk sparks M&S revival

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Marks & Spencer is leading FTSE 100's fightback helped by the two pharmaceutical giants GlaxoSmithKline and AstraZeneca.

Traders suggest bargain hunters have moved into M&S after the trading update last week that sent its share price tumbling. Vague bid talk also encouraged the buyers,though previous bidder Philip Green denied he had bought any shares.

"I haven't bought any shares, and I don't own any shares in any retailer," Green told reporters. The retailer's AGM is tomorrow with chief executive Stuart Rose facing a widespread revolt over the move to make himself executive chairman.

Oil prices fell back yesterday sending transport stocks higher. British Airways and FirstGroup both recover some lost ground as the crude price retreats to below $140 per barrel.

FTSE 100 - Risers
Marks & Spencer Group (MKS) 228.50p +5.30%
British Airways (BAY) 216.25p +4.98%
Next (NXT) 878.50p +2.63%
GlaxoSmithKline (GSK) 1,210.50p +2.54%
Petrofac Ltd (PFC) 716.50p +2.36%
Centrica (CNA) 311.25p +2.13%
Morrison (Wm) Supermarkets (MRW) 260.50p +1.76%
FirstGroup (FGP) 543.50p +1.30%

FTSE 100 - Fallers
London Stock Exchange Group (LSE) 668.00p -7.48%
Wolseley (WOS) 297.75p -4.26%
ITV (ITV) 40.00p -3.85%
Enterprise Inns (ETI) 350.25p -3.65%
Anglo American (AAL) 3,052.00p -3.36%
Antofagasta (ANTO) 589.50p -3.28%
Man Group (EMG) 571.00p -3.14%
Thomas Cook Group (TCG) 207.50p -3.04%




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