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FTSE 100 boosted by AstraZeneca FTSE and pound hit by weak manufacturing survey
(about 4 hours later)
(Open): The London market opened higher, with shares in drug maker AstraZeneca lifted by positive news on a lung cancer treatment. (Noon): UK shares and the pound fell after a closely-watched survey suggested the UK's manufacturing sector was not growing as quickly as hoped.
AstraZeneca rose 2.4% after it said the data showed more than 80% of patients were "progression free" after nine months of treatment The latest purchasing managers' index (PMI) for manufacturing rose to 52 in May from 51.8 in April.
The FTSE 100 index was up 18.71 points at 7,003.14. Although a figure above 50 indicates expansion, the reading was weaker than analysts' expectations.
The FTSE 100 index gave up early gains to stand 8.20 points lower at 6,976.23, while the pound also fell.
Against the dollar it was 0.55% lower at $1.5206, and while sterling was up 0.08% against the euro at €1.3919 this was below the day's highs.
On the stock market, shares in drug maker AstraZeneca rose 0.6% after it announced positive news on a lung cancer treatment.
Shares in Lloyds Banking Group rose 1% after the government said it had cut its stake in the bank to 19%.Shares in Lloyds Banking Group rose 1% after the government said it had cut its stake in the bank to 19%.
The government also said it would extend its plan to sell off shares in the bank to the end of the year, and that it would launch a sale to retail investors within the next 12 months.The government also said it would extend its plan to sell off shares in the bank to the end of the year, and that it would launch a sale to retail investors within the next 12 months.
On the currency markets, the pound fell 0.09% against the dollar to $1.5277, but rose 0.37% against the euro to €1.3954. In the FTSE 250, shares in semiconductor firm Imagination Technologies rose 6.2% on rumours that it could be a bid target.