What: Marks & Spencer shares soared to a five-year high following speculation that the retailer will be among the top performers during the holiday season.

Why it is important: Despite post-pandemic industry challenges, M&S has demonstrated resilience and strategic progress under its current leadership, fostering a positive market outlook for the company's potential holiday sales and recovery efforts.

BNP Paribas analysts identified M&S as one of their top stock picks for 2024, touting it as a potential "Christmas winner." Analyst Warwick Okines highlighted M&S' improved preparedness in its food business and expanded clothing range as factors driving potential sales growth. M&S' turnaround program, led by chair Archie Norman, CEO Stuart Machin, and co-CEO Katie Bickerstaffe, has garnered momentum, resulting in the company's re-entry into the FTSE 100 after four years. The retailer is slated to announce its Christmas sales figures on January 11, reflecting the impact of strategic initiatives and the holiday period on its performance.

M&S named ‘Christmas winner’ by investors