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FTSE 100 flat but M&S shares lifted by trading update FTSE 100 lower as Rolls-Royce shares fall further
(about 4 hours later)
(Open): The London market opened flat, but shares in Marks and Spencer opened higher despite the retailer reporting a dip in non-food sales. (Noon): The FTSE fell as investors remained wary over Greece, while Rolls-Royce shares dropped further following Monday's profit downgrade.
M&S rose 1.1% after its latest trading update, which said underlying sales of clothing and homewares fell 0.4% in the past quarter. The FTSE 100 index was 10.83 points lower at 6,524.85, with Rolls-Royce shares the biggest faller, down 4.6%.
But the retailer said it was on track to meet its planned increase in profit margins. Rolls had cut its full-year profit forecast on Monday, and on Tuesday several banks lowered their share price targets for the aerospace firm.
The FTSE 100 index was down 3.50 points at 6,532.18. Shares in Marks and Spencer reversed early gains to stand down 1%.
The market had fallen 0.8% on Monday as investors reacted to Greece's rejection of the terms of an international bailout. The retailer reported a dip in non-food sales during the first three months of the financial year, with general merchandise - which includes clothing - down 0.4%, compared with a 0.7% rise in the previous quarter.
Shares in Asos fell 0.8% despite the online fashion retailer saying its full-year sales growth was set to be at the "higher end" of its 15-20% projections. Shares in Asos fell 2.7% despite the online fashion retailer saying its full-year sales growth was set to be at the "higher end" of its 15-20% projections.
Asos said retail sales in the four months to 30 June grew by 20%, with UK sales up 27% while international sales climbed 16%.Asos said retail sales in the four months to 30 June grew by 20%, with UK sales up 27% while international sales climbed 16%.
On the currency markets, the pound slipped 0.04% against the euro to €1.4110 and fell 0.3% against the dollar to $1.5553. Greece remained a worry for investors. Eurozone ministers have called on Greece to put forward fresh proposals after Greek voters rejected the latest draft bailout deal in a referendum.
Greek Prime Minister Alexis Tsipras is expected to present new proposals on Tuesday.
On the currency markets, the pound slipped 0.2% against the euro to €1.4081 and dropped more than a cent against the dollar to $1.5460.