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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 100 movers: M&S boosted by broker note; Phoenix slumps

(Sharecast News) - London's FTSE 100 was up 0.2% at 8,285.18 in afternoon trade on Monday. Marks & Spencer was the top gainer as RBC Capital Markets lifted its price target on the shares to 400p from 350p as it raised estimates on the 'outperform' rated stock, pointing to sales momentum and the recent re-rating of the UK food retail sector.

The bank said the M&S share price has performed well year-to-date but it sees further upside driven by food outperformance, clothing full price sales and the retailer's strong cash generation.

"Food price and value perception strong," RBC said. "We think other grocery retailers have been more focused on loyalty and the value end of their offers.

"Also, the eating out to eating in trend has helped M&S in our view."

B&Q and Castorama owner Kingfisher was also in the black ahead of half-year results on Tuesday.

Phoenix Group slumped as the pensions, savings and life insurance provider reported a 15% increase in operating profits in the first half but also said it was pulling the disposal of its SunLife division.

Sun Life sells financial products to the over-50s. Phoenix said it was ditching the disposal just three months after putting it up for sale given "current uncertainty in the protection market".

FTSE 100 - Risers

Marks & Spencer Group (MKS) 360.10p 2.53% Fresnillo (FRES) 581.50p 2.38% Kingfisher (KGF) 290.10p 2.11% JD Sports Fashion (JD.) 151.35p 1.65% 3i Group (III) 3,238.00p 1.19% Tesco (TSCO) 368.80p 1.18% Sainsbury (J) (SBRY) 293.20p 1.17% Persimmon (PSN) 1,658.50p 1.16% Compass Group (CPG) 2,464.00p 1.15% Smith (DS) (SMDS) 472.00p 1.07%

FTSE 100 - Fallers

Phoenix Group Holdings (PHNX) 553.50p -3.99% Smurfit Westrock (DI) (SWR) 3,391.00p -2.33% Melrose Industries (MRO) 471.40p -1.69% Mondi (MNDI) 1,397.00p -1.45% Entain (ENT) 724.20p -1.42% Prudential (PRU) 615.20p -1.41% Scottish Mortgage Inv Trust (SMT) 808.40p -1.25% HSBC Holdings (HSBA) 651.70p -1.06% Spirax Group (SPX) 7,440.00p -1.00% Sage Group (SGE) 1,021.00p -0.97%

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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