Marks and Spencer’s largest shareholder Brandes has sold a major chunk of its shares prompting speculation that its price may have peeked.

Brandes which previously controlled a 15.4% stake in the retailer sold 32m shares at 500p. This amounted to almost 2% of the total share capital. It is thought to have made a profit of £60m from the sale.

Brandes also has significant investments in Sainsbury and Morrisons.