M&S steadies rocky FTSE

At shortly after 10.15am, the blue-chip index had dropped almost 60 points, or 1.24%, to 4,581.33. Retail giant Marks & Spencer made the biggest advance, of 2%, after its trading statement showed losses were less than expected. News the store was to cut 1,000 jobs and make aggressive cutbacks to its Simply Food range may have encouraged traders drastic action was being taken to revive the store's fortunes. Scottish and Southern Energy and BHP Hilton fell 8% and 4% so far this morning after news of Russia's decision to cut 20% off the volume of gas piped to Europe. Other early loser...