Lower prospect for Glaxo depresses FTSE

The FTSE 100 index closed up just 1.8 points or 0.04% to 4,565.6. GlaxoSmithKline, Europe's largest pharmaceutical firm, eventually closed down 15 points or 1.3% to £11.37 because the prospects for sales of one of its drug now look less favourable than previously anticipated. Its closest rival, AstraZeneca, also closed down 34p or 1.28% to £26.31, but it affects the FTSE badly if they have a rough day as the two firms together compromise around 10% of the FTSE 100’s volume. Shire Pharmaceuticals, the UK's third largest drug manufacturer, managed a fractional gain to 499p. Mining...