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M&S faces relegation from FTSE 100 for first time; shares drop

M&S faces relegation from FTSE 100 for first time; shares drop
FILE PHOTO: Shoppers walk past at a branch of the British clothing and food retailer Marks and Spencer on Oxford Street in London, Britain, January 3, 2019. REUTERS/Toby Melville/File Photo -
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LONDON (Reuters) – Marks & Spencer shares fell 1% on Monday and were languishing at the bottom of the FTSE 100 <.FTSE> index on expectations the 135-year old retailer will be relegated from London’s blue-chip stock market for the first time as part of the quarterly review.

Goldman Sachs reinstated its coverage of the stock with a ‘sell’ rating, also hurting sentiment.

At 0833 GMT, shares were down 1%, lagging the index which was up 0.9%.

M&S shares, which have been part of the FTSE 100 since its inception in 1984, have lost about 40% of their value since January 2018.

The review will be based on closing prices on Tuesday, with the results announced after the end of trading on Wednesday and going into effect on Sept. 23.

(Reporting by Josephine Mason)

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