Marks & Spencer is set to become one of the top 100 companies on the London Stock Exchange after its shares rose to a 19-month high.
M&S released its trading update on Tuesday, in which the retailer said it expects to deliver increased profits this year, despite originally anticipating a decline.
The retailer posted an increase in food sales of 11% for the 19 weeks to 12 August, while clothing and home sales also increased by 6%.
M&S’s shares increased by 9% after it released its trading update, bringing its market capitalisation to over £4.3bn. This would be enough to put it back into the FTSE 100 Index.
The retailer’s shares have increased in value by over 70% since the beginning of 2023.
Clive Black, Shore Capital research director, said: “If the legs keep whirling in the right direction, then more material appreciation could follow, along with a return to the FTSE 100.”
It would be the first time the retailer has joined the FTSE 100 in four years after it closed hundreds of stores in 2019.