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FTSE 100 falls despite M&S boost FTSE 100 falls despite M&S boost
(about 5 hours later)
(Noon): 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. (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.
Shortly before midday the FTSE 100 was down 7.64 points at 6,153.99. At the end of trading the FTSE 100 was down 0.4% at 6136.89.
Shares in Marks and Spencer rose 3.1% after the retailer's latest update. 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%.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% to 285.40p after Credit Suisse lifted its rating on the company to "outperform" from "underperform", and also raised its share price target to 290p from 240p. 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.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 $1.4082, and slipped 0.1% against the euro to €1.2377. 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.