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Marks and Spencer loses 12% in wake of Wednesday's results FTSE 100 closes at 6,270 in best week since mid-April
(about 4 hours later)
(Noon): London shares remained flat overall in noon trading but Marks & Spencer lost another 1% after its profit warning on Wednesday. (Close): London shares ended Friday just 5 points higher, dragged down by the mining sector, as Marks and Spencer fell another 1%.
That takes shares in Marks & Spencer to 386p - a 12% fall from the 440p they were at before new boss Steve Rowe warned profits would take a short-term hit under a turnaround plan. Shares in Marks and Spencer closed 4p lower at 386.5p - a 12% fall from the 440p they stood at before the retailer said on Wednesday that profits would fall under a turnaround plan.
The FTSE 100 was unchanged at 6,266.53 points. The FTSE 100 closed 5 points higher at 6,270.79 points.
Oil lost its gains made on Thursday with Brent crude at $49.18, down 0.8%. The index posted its biggest weekly gain for six weeks.
Shares in Rio Tinto and Glencore gained further to stand more than 2% higher, but Antofagasta reversed its early gains to lose more than 1%. Miner Antofagasta reversed its early gains to end down 2.5%, while Anglo American was the top faller, shedding 2.7%.
Royal Mail was the biggest riser on the blue-chip index, ending 2% higher at 532.5p.
Traders said the stock was helped by news that the Unite union had cancelled proposed strike action, as well as a report of a possible merger between Belgian and Dutch mail operators Bpost and PostNL.
Oil lost its gains made on Thursday with Brent crude trading at $49.21, down 0.8%.
On the currency markets, the pound was down slightly against the dollar at $1.4654, but was up a touch against the euro at €1.3121.On the currency markets, the pound was down slightly against the dollar at $1.4654, but was up a touch against the euro at €1.3121.