Marks & Spencer (M&S) is on track to re-enter the FTSE 100. Informally known as the "Footsie", it is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalisation. M&S has had a stellar year, with shares up 61 percent and already a best performer in the FTSE 250.
With a valuation of 3.97 billion pounds, M&S is close to returning to its former glory days, although the FTSE is reshuffled quarterly and no new figures will be known until November.
If the UK retailer continues to see higher sales in clothing and its food businesses, as Deutsche Bank predicted back in May, the retailer would soon be back in the top 100, a position it first lost in 2019.
“The combination of a return to like-for-like growth, tough decisions being made on costs and a balance sheet likely to head back to investment grade should see investors revisit the investment case,” Deutsche Bank said.