Food, furnishings and gold

The FTSE 100 extended yesterday's gains on rising oil prices and mirroring positive overnight advances on Wall Street as the latest Fed minutes calmed investors.

“Marks and Spencer was up in early trading despite a mixed fourth quarter with food sales once again propping up the high street giant’s ailing clothing and home division,” says AJ Bell Investment Director Russ Mould.

“Investors were encouraged that new chief executive Steve Rowe has made turning around the clothing and home arm his top priority and that he plans to reveal more details on how he intends to do so in May.

“Homewares retailer Dunelm was the FTSE250’s biggest riser after third quarter revenues increased by 5.9% following a very good Easter. Gross margins improved due to improved stock management and the reduced cost of end of season product clearance.

“Gold miner Centamin was another strong early riser after output from its Sukari mine in Egypt increased to 125,268 ounces in the three months to the end of March, 15.7% up on a year ago. Centamin is maintaining its full year guidance at 470,000 ounces.”

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