M&S shares rose 2.5% on Tuesday as investors expect the retailer will be named among the best-performing in the sector over the festive period.
The food and clothing retailer was one of the biggest risers on the FTSE 100, with the five-year high in share price bringing the companies value up by more than £70m, The Telegraph reported.
This came after M&S was described as a “likely Christmas winner” by analysts at BNP Paribas, who also named the high-street giant one of their top stock choices for the year ahead.
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BNP Paribas analyst Warwick Okines attributed much of M&S’ success over the Christmas period to the high level of preparation in its food business, which allowed it to be more price competitive and attract additional customers.
The prediction come as M&S continues to push ahead with its turnaround plan headed by chairman Archie Norman and chief executive Stuart Machin.
Last year, Machin said the retailer remained “ambitious for future growth,” after its food business saw adjusted operating profit more than double to £164.9m in the first half, while sales jumped nearly 15%.
In August, M&S re-entered the FTSE 100 after four years absence as its shares hit a 19-month high.
