Marks & Spencer will almost certainly drop out of the FTSE 100 this week, ending the retailer’s non-stop presence since the index of leading shares was launched 35 years ago. In a sign of the times, the 135-year-old mainstay of the British high street is likely to be replaced by Polymetal International, a Russia-based miner.
M&S is in the middle of yet another overhaul to address long-running underperformance issues, particularly in clothing. Investors aren’t convinced – its shares are down almost 20% this year.
