, while a rise in heavyweight financial and commodity stocks helped the FTSE 100 edge higher. The domestically-focussed mid-cap index closed 0.4 per cent lower, with homebuilder Countryside Properties dropping 20.6 per cent to the bottom of the index after a disappointing trading update and as its chief executive stepped down.
Marks & Spencer slipped 7.9 per cent after the retailer nudged up its full-year forecast for profit before tax to be at least £500 million versus a prior estimate of about £500 million. , an analyst at Hargreaves Lansdown said, M&S shares had “climbed markedly higher since the start of the pandemic, and it will take a lot more than a nudge to profits to sustain those expectations”., Britain’s biggest retailer, also raised its profit outlook on stronger than expected Christmas sales, but along with other retailers it warned of pain to come from higher freight costs, wage hikes for warehouse workers and more expensive raw materials.slipped 4.
Wall Street’s main indices fell on Thursday, dragged down by declines in megacap growth stocks, while a slower rise in producer prices in December spurred hopes that inflation has potentially reached its peak. Six of the 11 major S&P 500 sectors fell, with technology leading the declines.
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