The FTSE 100 Index fell 33.70 points, or 0.54%, to 6,180 points today after a gloomy performance from drug companies.
AstraZeneca tumbled 8.16% to £28.80 on news it has stopped the development of its experimental stroke drug NXY-059, as it failed to reduce significant disability in patients.
GlaxoSmithKline slipped 3.97% to £14.51 despite raising earnings guidance for the year to mid-teens EPS growth from 12% previously, hiking its dividend and increasing its share buyback programme.
British American Tobacco also fell 1.55% to £14.59, despite lifting nine month earnings by 13% to 75p, adding it is on track for a good year.
Life insurer Aviva dropped 1.89% to £7.77 after it reported it had boosted nine month sales by 18% to £19.1bn, just below average market forecasts.
Royal Dutch Shell rose 2.5% to £18.88 after it reported a better than expected 33% increase in third quarter earnings per share before asset disposals of $1.7bn.
In the US, the Dow Jones industrial average is down 29.53 points, or 0.24%, at 12,105.15 points on concern a recent run-up has made shares too expensive.
Boeing has fallen 2.6% to $78.77 a day after the plane maker issued a disappointing forecast for 2007.
Exxon shares have risen 1.2% to $71.85 after the company posted quarterly results which topped Wall Street expectations.
Comcast, the largest US cable operator, has reported a better-than-expected rise in quarterly profit on record-high subscriber growth, sending its shares up 2.8% to $39.82.
Aetna has risen 9.6% to $42.22 after the company said quarterly profit rose 28% in the latest quarter as medical costs moderated.IFAonline
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