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MARKET REPORT: Shares in Marks & Spencer make a sparkling start to 2024 By John Abiona Updated: 17:01 EST, 2 January 2024 e-mail View comments Marks & Spencer made a bright start to the new year following a bumper 2023. On the first day of trading of 2024, shares in the High Street stalwart rose 1.3 per cent, or 3.6p, to 276p following an upgrade by analysts at BNP Exane Paribas. That was the highest level for nearly five years and came after the stock more than doubled last year, jumping 120 per cent. The rally came amid a major turnaround in its fortunes driven by higher food sales alongside booming demand for its revamped fashion ranges. BNP Exane Paribas said it is optimistic about the retail sector’s prospects this year. Its analysts said M&S is likely to come out as a ‘Christmas winner’ when the industry publishes festive trading updates. Five-year high: On the first day of trading of 2024, shares in Marks & Spencer rose 1.3%, or 3.6p, to 276p following an upgrade by analysts at BNP Exane Paribas M&S’s gains last year were eclipsed only by Rolls-Royce whose shares more than trebled under chief executive Tufan Erginbilgic. However, shares in the engine maker were slightly off the pace as the stock dipped 0.5 per cent, or 1.6p, to 298.1p. Another star performer in recent years has been BAE Systems. Britain’s biggest defence company has cashed in as governments ramp up their military spending amid heightened geopolitical tensions and conflicts around the world. Shares in BAE have doubled in value over the last two years and edged up another 0.5 per cent, or 5.5p, to 1116p yesterday. There were also gains for FTSE 250 defence group Babcock. Shares gained 6.3 per cent, or 25p, to 420p as it added to gains of 40 per cent last year. RELATED ARTICLES Previous 1 Next 'I'm optimistic about Britain': Glaxo chief defies the gloom... The accidental icon: The fascinating history of how the FTSE... Oil price jumps back towards $80 a barrel amid mounting... Bitcoin tops $45,000: Cryptocurrency at highest for nearly... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account But overall, it was a sluggish first day of trading, with the FTSE 100 down 0.15 per cent, or 11.72 points, at 7721.52 while the FTSE 250 fell 0.9 per cent, or 177.83 points, to 19,511.80. Simmering tensions in the Red Sea lifted oil prices. Stock Watch - Hvivo Hvivo landed a £6.3million contract to test a drug that could treat the common cold. The life sciences group supplies its clients with data on the effectiveness of their potential treatments. Healthy adult volunteers are recruited and given both the virus and antiviral drug. It will test a biotech client’s proposed treatment for human rhinoviruses (HRV) in a trial during the second half of this year at its new facilities in Canary Wharf. Shares surged 8.2 per cent, or 1.95p, to 25.7p. As a result, BP rose 1 per cent, or 4.85p, to 471p and Shell gained 0.2 per cent, or 4p, to 2575.5p. Airline stocks were flying high following an upgrade from the investment bank Citi. Wizz Air added 0.2 per cent, or 5p, to 2216p and British Airways owner IAG rose 0.7 per cent, or 1p, to 156p. AstraZeneca’s drug Beyfortus has been approved for use in China as a treatment to prevent a common and contagious seasonal virus that affects babies. Shares in the pharma giant added 1.8 per cent, or 188p, to 10,788p. US natural gas producer Diversified Energy Company sold some assets to a special purpose vehicle. The deal raked in around £158million, which the firm used to reduce its debt bill. Last month the firm’s shares plunged to a record low after four US politicians wrote a letter warning that its strategy risked undermining ‘efforts to fight climate change’. The stock increased 7.5 per cent, or 83.5p, to 1198.5p. There was also good news for Angle after the cancer testing company revealed it will be paid £198,000 to help with a pilot study for the global pharmaceutical company Eisai. As part of the deal, the London-listed firm will provide analysis to assess a potential treatment for breast cancer. Shares yesterday rose 2.1 per cent, or 0.25p, to 12p. French asset manager Syquant Capital has disclosed a 5 per cent stake in the sofa seller ScS. The investor also owns shares in the tech consultancy Kin And Carta (down 0.2 per cent, or 0.2p, to 132.4p), North Sea producer Ithaca Energy (up 0.8 per cent, or 1.2p, to 145.4p) and the City Pub Group (down 0.7 per cent, or 1p, to 138p). Shares in ScS fell 0.4 per cent, or 1p, to 263p. Elsewhere, Union Jack Oil gained 3.8 per cent, or 0.75p, to 20.5p after a report revealed that its energy reserves in the Wressle field in Lincolnshire have tripled since 2016. DIY INVESTING PLATFORMS Easy investing Stocks & shares Isa £1.50 fund dealing 0.25% fee on fund holdings Investment ideas Free fund dealing Free fund dealing 0.45% account fee capped for shares Flat-fee investing No fees From £4.99 a month Trade shares and funds for £3.99 Social investing Social investing Share investing 30+ million global community Model portfolios Investment account Free fund dealing Free financial coaching Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. > Compare the best investing platform for you Share or comment on this article: MARKET REPORT: Shares in Marks & Spencer make a sparkling start to 2024 e-mail Add comment Some links in this article may be affiliate links. 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