GlaxoSmithKline drags FTSE down

The FTSE 100 Index was down 0.7% to 6561.30 while the FTSE All-Share Index also fell 0.7% to 3408.98. The 2.5% fall for Glaxo was attributable to Merrill Lynch lowering its recommendation on the shares from neutral to sell. Meanwhile, BP and Royal Dutch Shell dropped 0.6pc and 0.9% respectively. Another notable fall was Standard Life Plc which lost 2.75 pence, or 0.8 percent, to 337.25. Its shares were rated `underweight by JPMorgan Chase & Co. as the bank believes Standard Life is currently overvalued based on the prospects for the SIPP market, which it feels are likely to dwindle. ...