Drugs firms lead FTSE 100 rebound

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(Close): The market enjoyed a rebound, with shares in drugs companies seeing some of the largest gains.

The benchmark FTSE 100 index was up 70.40 points, or 1.16%, at 6161.63 having fallen more than 1% on Tuesday.

Pharmaceutical shares were higher after Pfizer confirmed it had scrapped its planned merger with Allergan.

That has led to speculation that other firms in the sector could now be bid targets. Shares in Shire rose 5.16% and AstraZeneca climbed 4.47%.

Shares in no-frills airline Easyjet fell 3% after it published passenger figures for March.

Passenger numbers rose 4.3% from a year earlier to 5,728,114, but its load factor - the percentage of seats occupied - slipped 1.3% to 91.3%.

Easyjet said it had cancelled 611 flights last month, with most due to strike action in France.

On the currency markets, the pound fell 0.40% against the dollar to $1.41060, and dropped 0.43% against the euro to €1.2386.