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FTSE 100 falls despite M&S boost | FTSE 100 falls despite M&S boost |
(about 5 hours later) | |
(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%. | 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. | 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. |
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