The FTSE 100 Index added 37.2 points at 5074.4 in early trading

The FTSE 100 Index added 37.2 points at 5074.4 in early trading

Marks & Spencer has led the FTSE 100 Index higher as the high street bellwether posted forecast-beating first-half profits.

M&S added almost 6% or 19.2p to 360.2p after reporting profits of £298.3 million for the six months to September 26 and a decent start to the third quarter.

Other retailing stocks were also in demand as the top flight added 37.2 points to 5074.4 in early trading, reclaiming some of the ground lost on Tuesday.

Fashion chain Next was 75p higher at 1885p - a gain of 4% - after lifting its sales forecasts for the rest of the year. The firm said the consumer climate had been "more benign than we anticipated".

Elsewhere in the sector Argos and Homebase firm Home Retail Group cheered 12.3p to 296.2p while B&Q owner Kingfisher was 8.3p dearer at 232.4p.

Meanwhile part-nationalised Royal Bank of Scotland clawed back some of Tuesday's 7% fall following the announcement of break-up plans and a £25.5 billion capital injection from the state. Shares were up 1.3p to 37.23p.

Among the few blue-chip stocks in negative territory were index heavyweights GlaxoSmithKline and Royal Dutch Shell, down 16.5p to 1212.5p and 15p to 1746.5p. The duo turned ex-dividend, meaning investors are no longer entitled to the latest payout.