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AstraZeneca leads FTSE 100 lower FTSE 100 lifted by BT, banks and retailers
(about 4 hours later)
Shares in drugs giant AstraZeneca have fallen following a report that its chief executive, Pascal Soriot, is to leave to company to join Israel-based Teva Pharmaceutical Industries. The UK's leading share index was higher in lunchtime trade after experiencing a mixed morning.
The report, on the Calcalist financial news website, pushed AstraZeneca's share price down 3.7% in early trade. After falling in early trade the FTSE 100 was 8.68 points higher at 7,425.61 shortly before midday.
That made it the biggest faller on the FTSE 100, with the index down 7.45 points at 7,409.48. BT was the biggest riser on the index, up 3.6% after UK broker Numis gave the telecoms company a "buy" rating.
Shares in Babcock International rose 2.7% after an upbeat trading update. Retail shares were in demand after strong results from French supermarket Casino lifted shares in the sector across Europe.
The defence contractor said the financial year had started well, with trading in line with expectations. Marks and Spencer rose 2.6% while Next was up 2.2%.
Outside the FTSE 100, shares in Game Digital jumped 15% after Mike Ashley's Sports Direct announced it had bought a 26% stake in the company. But shares in drugs giant AstraZeneca fell 4.2% following a report on the Calcalist financial news website that its chief executive, Pascal Soriot, is to leave to company to join Israel-based Teva Pharmaceutical Industries.
On the currency markets, the pound rose 0.4% against the dollar to $1.2943, and was 0.2% higher against the euro at 1.1318 euros. Outside the FTSE 100, shares in Game Digital jumped 9% after Mike Ashley's Sports Direct announced it had bought a 26% stake in the company.
There was some respite for building and services firm Carillion whose shares have been battered in recent days after it warned on Monday that its annual sales would not meet expectations.
Its shares were up 10% at about 63p, but are still down by more than half since the start of the week.
On the currency markets, the pound rose 0.3% against the dollar to $1.2921, and was 0.4% higher against the euro at 1.1339 euros.