Modest recovery for FTSE

Marks & Spencer was the FTSE 100 Index’s top faller today despite posting a 13% rise in annual profits as analysts fretted that its results could be “as good as it gets” for the retailer.

The retail bellwether, which has enjoyed a strong run in recent weeks, fell 11.4p to 385.6p, or nearly 3%, as investors looked beyond the rise in full-year profits to £714.3m (€820m) and noted the company’s cautious comments on trading this year.