FTSE 100 movers: M&S gains; Fresnillo loses its shine

(Sharecast News) - London's FTSE 100 was up 0.3% at 9,224.68 in afternoon trade on Wednesday. Marks & Spencer was the top gainer on the index after NielsenIQ data showed that sales at the retailer grew 8.5% in the 12 weeks to 6 September.

Broker Shore Capital said this was "a bit ahead of what we would have expected, noting about one-third of Ocado Retail Limited's sales are M&S brand too, not included in this score".

Shore analysts Clive Black and Darren Shirley added: "So, healthy share gains here, helping to support our assertion of the potential for the firm to deliver a robust H2 FY26."

British Gas owner Centrica rallied after Morgan Stanley upgraded the shares to 'overweight' from 'equalweight' and said it was now its "top pick" UK utility.

The bank, which lifted its price target to 210p from 175p, said Centrica's shares aren't even fully valuing its existing business, let alone potential upside from deals including Sizewell C and the Grain LNG terminal.

It said the next stage of the equity story is coming together as management demonstrates the ability to deploy capital to value-accretive projects.

Morgan Stanley noted that Centrica has now committed about 70% of its 2024-2028 capex plan. It said these known investments can drive 2029 EBITDA to £1.6bn, which is 8% above consensus expectations.

On the downside, precious metals miner Fresnillo and gold miner Endeavour lost their shine, having rallied on Tuesday as gold prices hit fresh highs.

Miners in general were under the cosh as copper prices fell, with Anglo American, Rio Tinto, Antofagasta and Glencore all lower.