Marks & Spencer is closing in on a return to FTSE 100, with the retailer ranking 110th on this evening’s close.
Shares in the retailer surged 16.5 per cent to 226.5 per cent, their highest level since spring 2019 as the chairman, Archie Norman, declared “it’s quite nice to be making some money again”.
Investors backed M&S after it reported a profit of £187m for the six months of the financial year as shoppers returned to the high street and delivered a £1bn boost to sales compared to 2020.
M&S upgraded its forecast for annual profits by £150m to £500m.
Kitchen maker Howden’s Joinery and supply parts maker Electrocomponents are the closest two contenders to reaching the 100 spot.
M&S was a founding member of the blue-chip index in 1984, but was relegated in September 2019.