On a generally gloomy day for the markets, Marks & Spencer shares were up 6% today to 229p amid rumours of a bid for the troubled retailer.
Sir Philip Green, the owner of Bhs and Arcadia, who failed to buy the company at 400p a share four years ago, told Reuters he had not been buying shares in M&S.
The bounce in the share price comes as some relief after it dropped yesterday to its lowest level since March 2001.
The food and clothing company is facing a shareholder rebellion at its annual meeting tomorrow over plans to make Sir Stuart Rose executive chairman.
Investors are also unhappy about current trading after a shock profit warning last week and the dismissal of food chief Steven Esom.
Another retailer, Next, was the FTSE 100's second biggest climber, up 3% to 879.5p.
Wm Morrison, the supermarket group, also rose 1.7% to 260.25p, putting it among the top 10 gainers.
