Footsie buoyed by big rise in M&S share price

The Footsie index of 100 leading stocks is up 45.2 points at mid-morning to stand at 5077.9, having pulled back from an earlier 35-point fall.

Shares in Marks & Spencer are up 12% or 32½p at 312p after it unveiled figures showing that clothing sales rose over the second quarter.

Luc Vandevelde, the Belgian boss who is aiming to turn around the retailer, said it was the "end of the beginning, rather than the beginning of the end" as he unveiled better-than-expected second-quarter results.

Other retail stocks are being cheered by M&S's results, with B&Q-to-Comet group Kingfisher up 12¼p to 346¾p; and Dixons jumping 7½p to 200p.

Banks are also moving ahead, with Lloyds TSB up 3p to 690p; Barclays 32p better off at £19.72; and Royal Bank of Scotland 40p ahead at £15.85.

Media stocks are posting gains, with United Business Media up 21p at 411p; BSkyB rising 46p to 687p; Pearson up 42p at 748p; and advertising firm WPP rising 22½p at 407½p.

Fallers include engineering group Invensys, down 9% or 5p at 49¼p. The group, which has a large exposure to the US, saw its share price rise by 23% yesterday after calming investors by confirming first-half profits would be in line with City hopes.

Airline-related stocks are also falling today, with British Airways down 2p at 160p; and airports operator BAA off 12p at 505½p.

Outside the Footsie, telecoms firms are on the rise, with Spirent up 12¼p at 96½p; Energis up 8½p at 72½p; Colt Telecom 12p ahead at 109p; and Telewest rising 3p to 37p.