Topsy Turvy Stock Market: Retail Up, IT Down

Share prices in Marks and Spencer have risen this morning. During the first 30 minutes of trading M&S gained by 8.8%. There have been rumours of a forthcoming takeover bid for the British retail giant and this has sparked interest in the stock.

Latest: at 11.49a, M&S has risen again and is now at 400.30p, up 7.46%.

After the morning surge the share price fell back down again, and looks to be settling at around 3.5% up on the day.

Overall the UK FTSE is doing well, but one company is struggling today. Sage Group, who make software for business (mostly Accounting, Payroll, CRM and ERP) and it the UK’s largest listed software company, saw a fall of around 3.5% in the first hour of trading.

Monday morning is a day that sees the retail sector looking more buoyant and the IT industry experiencing some choppy waters.

We do not know what is happening with Sage, but with the growth of free software tools and some good cloud based premium solutions, Sage may be another company that is suffering from the growing dominance of the Internet and modern software solutions.

This is not the first time Sage Group has made the news after struggling – in July 2012 Sage announced that growth was lower than expected as its expansion into new European markets never really materialised.

 

 

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