London markets have opened well this morning with strong pharma and resource stocks fighting off stunning losses to M&S and the retail sector. The FTSE100 is currently 22.90 points higher (0.42%) to 5502.80.
Pharmaceutical giant AstraZeneca is leading the gains this morning after it won a patent battle of its schizophrenia treatment Serroquel, up 6.43% to 2267. Rival GlaxoSmithKline is up in sympathy, 2.86% to 1134.50. Mining and energy shares are also strong in early trading, with Cairn up 3.77% to 3277 and Vedanta 3.02% higher to 2147. A 5.3% drop in UK like for like sales has smashed Marks & Spencer, currently sitting 18.32% lower to 259.75. Fellow retailer Next is down 6.65% to 849. Construction supplier Wolseley is also being pounded on the poor news for homebuilders, down 10.13% to 323...
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