M&S has narrowly avoided being relegated from the FTSE 100 despite its share price tumbling after it unveiled a 66% profit drop and 100 store closures.
The threat of expulsion subsided for M&S as G4S and healthcare firm Mediclinic look set to fall out of the FTSE 100 instead, The Guardian reported.
Laith Khalaf, a senior analyst at Hargreaves Lansdown, said: “Marks & Spencer looks like it’s avoided relegation by the skin of its teeth.”
But he cautioned that this is a ”stay of executive rather than a full pardon” for the high street stalwart, implying that without a strong turnaround, M&S could fall out of the index later in the year.
Meanwhile, Ocado looks set to join the ranks of the most valuable companies listed in the UK next month after its deal with Kroger sent its share price soaring.
The recent surge in its value follows a string of new deals between Ocado and large overseas retailers in France, Sweden and Canada.
Ocado’s most recent partnership with US giant Kroger finally swayed those that had previously bet against it.
“There’s still the question of turning potential into profits, but the cookie jar lid has now definitely been prised open,” Khalaf told The Guardian.