The FTSE 100 index has fallen 12.5 points to 3,927.80 this afternoon after big European pharmaceutic...
The FTSE 100 index has fallen 12.5 points to 3,927.80 this afternoon after big European pharmaceutical companies started reporting quarterly results that show just how much earnings fell because of currency fluctuations.
GlaxoSmithKline is down 32p to £12.25 and AstraZenica is down 59p to £23.65 after German competitors said earnings fell because the weak dollar reduced earnings in terms of euros.
The dollar has also been weak against sterling, which is likely to impact on the two UK firms when they report tomorrow.
Amvescap led the losers after posting its own results, which showed a fall in profits in the first quarter.
Scottish & Newcastle has dropped 9.25p to 359.75p after credit ratings agencies said they might cut their ratings on the stock because of its plans to sell pubs and inns and start acquiring brewing competitors instead.
A better outlook was reported by BAE Systems, which said its defense business was in line with forecasts, helping send shares up 9p to 133.5p.
Alliad Domecq has bounded up 14.5p to 345p after ditching its advertising agency Cordiant Communications.
GKN, which provides aircraft parts, has followed BAE Systems' lead with a gain of 7.25p to 204p.
Friends Provident rode its results up 3p to 98.25p, followed by Prudential, up 11p to 377p.
The FTSE 250 index gained 34.3 points to 4,356.1.
ISIS Asset Management said funds under management fell slightly in the first quarter, but shares gained 8p to 165.5p.
Bookie William Hill got hit by board changes, shedding 6p to 229p.
Celltech continued its recent decline, losing 10p to 250p – it is down from a 52-week high of more than £7.
In New York the Dow Jones Industrial Average is currently up 12 points to 8,483, recovering from a near 30 points drop in early trading.
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