Market down but good news for M&S
THE FTSE 100 Index moved lower over the trading session by 11.6 points to close at 4241.
UK retailer Marks & Spencer received an upgrade from investment house Investec.
The broker moved from 'Sell' to 'Hold' on the stock and stated that it expects a robust performance to be reported on July 1 due to solid trading over Easter and improved weather conditions.
However, Investec retained its price target of 300p for the shares.
In the North Index, Vertu Motors announced the acquisition of a number of Brooklyn Motor Group's assets for £7.9m.
As part of the deal Vertu Motors secured four franchise outlets including Worcester Ford, Redditch Ford, Redditch Mazda and Cheltenham Mazda.
The motor retailer recently raised £30m to take advantage of opportunities in the market and expand its range of dealership operations.
Vertu Motors' chief executive Robert Forrester said: "We are delighted to have acquired these businesses in one of our core geographical areas.
“As a consequence we will benefit from accruing an even stronger regional concentration.”
Vertu Motors' share price advanced by 6.4% to finish the trading day at 41p.
Another strong performance in the North Index was recorded by Immunodiagnostic Systems. On Monday the group released a robust set of figures to the market and also confirmed that the dividend will be increased by 10% to 1.65p per share.
Immunodiagnostic Systems' share price jumped higher by 6.8% to finish the day at 314p.
Brewin Dolphin acts as broker to Vertu Motors and Immunodiagnostic Systems.
Anthony.Peart@Brewin.co.uk
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