The FTSE 100 has fallen 21.10 points, or 0.39%, to 5,439.8, as AstraZeneca led stocks lower after news it is taking legal action against a rival. Tate and Lyle did their best to rally the index with little effect.
Tate and Lyle did its best to rally the index with little effect.
AstraZeneca, Britain's second-biggest drugmaker, slid 26p, or 1%, to 2,569p, as the company announced it is suing Teva Pharmaceutical Industries of Israel for patent infringement on it’s Seroquel treatment.
Cable & Wireless, Britain's second-biggest phone company, added 1.25p, or 1.03%, to 122.25p, after reports said the company believes it is a ``certainty'' that private-equity funds are considering a takeover offer.
Marks & Spencer, which yesterday announced a 63% jump in first-half profit, also gained 8p, or 1.84%, to 443.5p, after analysts raised their share-price estimate for the retailer by 13% to 505p, saying business improvement is ``sustainable.''
Elsewhere Robert Wiseman Dairies lost 2.5p, or 0.9%, to 280p, as Scotland's largest fresh-milk provider said first-half profit slid 43% to £8.4m because of higher distribution and fuel costs.
Vodafone Group, the world's biggest mobile phone company, was also among the losers as it lost 1p, or 0.7%, to 150.5p, as telecommunications stocks fell across Europe after Deutsche Telekom AG, the region's largest telephone company, forecast earnings will fall next year.
In the US stocks are little changed as the Dow Jones Industrial Average has inched 1.04, or 0.01%, higher to 10,540.76, after a slide in the price of oil slowed down market gains.
General Motors is currently leading the decline with a drop of $0.95, or 3.67%, to $24.91, while Disney is currently one of the biggest risers with gains of $0.29, or 1.15%, to $25.45.
Elsewhere Valero Energy and other energy producers have dropped along with oil, Valero, has declined $3.50 to $100.15, while ConocoPhillips, the No. 3 US oil company, lost $1.07 to $65.54.
Crude oil for December delivery has fallen 1.3% to $58.95 a barrel after an Energy Department report showed that US inventories have risen more than expected.
Meanwhile some retailers have been buoyed by the decline in oil prices, with Federated Department Stores advancing on better-than-expected earnings. Federated, the owner of Macy's and Bloomingdale's, has jumped $3.88 to $67.79, after the company earned $0.36 a share in the third quarter ending October 29. Wal-mart shares have also advanced by $0.35, or 0.74%, to $47.96.IFAonline
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