FTSE 100 shares are down this morning, shaving about 3 points off the index, which currently stands at about 4,815.
MMO2 leads the drop with a 1.75p fall to 123.5p after announcing it wants to buy out smaller shareholders who are costing the company too much to administer. Some 63% of shareholders by number own less than 4% of the company’s stock.
Morrison is down 2.5p to 201p, meaning the supermarket chain’s shares have shed some 16p since Friday’s close following admission this week that trading is tougher than expected.
AstraZenica is down 19p to 1,914p as investors continued to fret about its drug development strategy. CSFB analysts say in a new note they are pessimistic of the pharmaceuticals industry as a whole, citing rising regulatory costs, a shortage of new products and increasing downwards price pressure.
GlaxoSmithKline is down 5p to 1,218p.
Aviva is down 2.5p to 628p even after UBS raised its target share price to 720p from 665p.
Friends Provident is down 0.5p to 160p after some 113 million new shares started trading on the London Stock Exchange as part of its cash and shares deal to buy Lombard International Assurance.
Hanson, the brick maker, is up 34p to 1,406p after mid-cap buildings materials supplier Aggregate Industries soared 25% on news of a bid from cement maker Holcim.
Man Group is up 34p to 1,406p after the hedge fund manager reported a strong rise in assets under management in the fourth quarter of last year.
Prices fell overnight in New York, sending the Dow Jones Industrial Average index down 64.81 to close at 10,556.22 points.
GE dropped $0.51 to $35.40 after a French court ordered the company to provide documents and software in the local language to its employees in France.
Tokyo’s Nikkei 225 index dropped 86.60 points to 11,453.39, with traders citing another drop in the dollar against Asian currencies and greater rhetoric from the US administration on China’s currency peg.
Hong Kong stocks fared better, sending the Hang Seng index up 56.06 to 13.565.31.
China Mobile added HK$0.30 to HK$24.35 after China’s ministry of telecommunications said the country would add 58 million new mobile phone subscribers this year.IFAonline
Stepped down following MBO
Helped by rising oil price
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