M&S shares soar as Footsie closes above 5,000 barrier

The Footsie has closed just above the 5,000 barrier, after falling 22.9 points.

It had bounced between a fall of 35 points and a rise of 46 points during the day.

Marks & Spencer shot up 10% as its second quarter sales exceeded City expectations.

More than 71 million M&S shares were traded, with their value rising 27½p to 307p.

The Footsie closed the day's session at 5,009.8.

Other retailers cheered by M&S's results included B&Q-to-Comet group Kingfisher, up 6¼p to 340¾p, electrical retailer Dixons up 6½p to 199p and Argos owner Great Universal Stores up 14½p at 546p.

Other stocks posting gains included media firms, with United Business Media up 10p at 400p, BSkyB rising 41p to 682p and advertising firm WPP rising 15p at 539p.

But engineering group Invensys fell back 7%, down 4p to 50¼p after Monday's strong surge. The group, with a large exposure to the US, had risen 23% at the start of the week.

Other stocks on the slide included airline-related stocks, with British Airways down 7½p at 154½p and aero-engine maker Rolls-Royce off 3p at 137p.

And defensive stocks such as pharmaceuticals and tobacco firms also fell. Imperial Tobacco was down 20p at 860p, while Gallaher slid 15p to 442p. GlaxoSmithKline fell 47p to £18.93 while AstraZeneca slipped 46p to £31.14.

But Woolworths slipped ½p to 35½p, despite UBS Warburg bank beginning coverage of the stock with a buy rating.