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Nov. 5, 2014, 12:11 p.m. EST

M&S leads FTSE to first gain in three days

Oil firms rebound after selloff

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — Marks and Spencer Group PLC led the U.K.’s FTSE 100 index higher on Wednesday after a well-received earnings report, helping the benchmark snap a two-day losing run.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.02%  rallied 1.3% to close at 6,539.14, more than reversing a 0.5% drop on Tuesday that was partly spurred by a dramatic drop in oil prices and a cut in eurozone growth forecasts by the European Commission.

On Wednesday, the benchmark shrugged off data showing activity in the U.K. services sector dropped to a 17-month low in October. The services purchasing managers index fell to 56.2 from 58.7 in September. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.3819%  dropped to $1.5980, from around $1.6003 late Tuesday.

Shares of Marks and Spencer /zigman2/quotes/206225481/delayed UK:MKS +0.03%   /zigman2/quotes/206225481/delayed UK:MKS +0.03%  rallied 9.7% after the retailer delivered a surprise rise in underlying profits for the first half of the year.

Meggitt PLC /zigman2/quotes/208933633/delayed UK:MGGT +1.57%  jumped 7.6%. The engineering firm reported a rise in organic revenue and affirmed its full-year guidance.

Oil firms rebounded from a bloody selloff on Tuesday that came as crude dropped to a three-year low on the back of a surprise announcement from Saudi Arabia that it will cut prices on oil sold to the U.S. Shares of Tullow Oil PLC /zigman2/quotes/205079109/delayed UK:TLW -0.30%  rose 6.9% on Wednesday, BP PLC   /zigman2/quotes/207305210/composite BP -0.57%  added 2.3% and BG Group PLC  picked up 1.6%. Crude prices rose on Wednesday.

FirstGroup PLC /zigman2/quotes/202157466/delayed UK:FGP +1.99%  climbed 3.1% after the transport operator said it swung to a pretax profit in the first six months of the year.

Outside the main index in London, shares of SWP Group PLC  surged 12% after the engineering company swung to a pretax profit for fiscal 2014 and said it will raise dividends.

Read about other European market moves here

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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,034.24
+1.39 +0.02%
Volume: 703,516
May 18, 2021 4:53p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.4192
+0.0054 +0.3819%
Volume: 0.0000
May 18, 2021 12:47p
loading...
/zigman2/quotes/206225481/delayed
UK : U.K.: London
156.15 p
+0.05 +0.03%
Volume: 3.19M
May 18, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£3.05 billion
Rev. per Employee
£134,851
loading...
/zigman2/quotes/206225481/delayed
UK : U.K.: London
156.15 p
+0.05 +0.03%
Volume: 3.19M
May 18, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£3.05 billion
Rev. per Employee
£134,851
loading...
/zigman2/quotes/208933633/delayed
UK : U.K.: London
497.50 p
+7.70 +1.57%
Volume: 1.62M
May 18, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£3.83 billion
Rev. per Employee
£181,476
loading...
/zigman2/quotes/205079109/delayed
UK : U.K.: London
53.78 p
-0.16 -0.30%
Volume: 7.95M
May 18, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£768.77 million
Rev. per Employee
£1.94M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 26.93
-0.16 -0.57%
Volume: 10.83M
May 18, 2021 12:47p
P/E Ratio
N/A
Dividend Yield
4.61%
Market Cap
$89.62 billion
Rev. per Employee
$2.86M
loading...
/zigman2/quotes/202157466/delayed
UK : U.K.: London
82.10 p
+1.60 +1.99%
Volume: 1.94M
May 18, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£970.87 million
Rev. per Employee
£68,995
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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