FTSE 100 falls despite M&S boost
(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.
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.