FTSE 100 falls despite M&S boost

Market trader (file picture) Image copyright PA

(Close): After climbing in early trade the London market then reversed direction, despite shares in Marks and Spencer rising after its sales fell by less than expected.

At the end of trading the FTSE 100 was down 0.4% at 6136.89.

Shares in Marks and Spencer rose 3% after the retailer's latest update.

Like-for-like sales at its clothing and homeware business fell by 2.7% in the 13 weeks to 26 March, but analysts had predicted a fall of 3.4%.

Shares in Sainsbury's added 2.7% to 287.20p after Credit Suisse lifted its rating on the company to "outperform" from "underperform", and also raised its share price target to 290p from 240p.

Drugmakers AstraZeneca and Shire were trading higher as speculation continued about future deals in the sector following the collapse of Pfizer's merger with Allergan.

On the currency markets, the pound fell nearly half a cent against the dollar to $1.4087, and slipped 0.1% against the euro to €1.2375.