Pharmaceuticals send FTSE on slide
Pharmaceuticals groups were giving the London market a headache today after a US safety official raised concerns over two key drugs.
Shares in AstraZeneca fell 8% after the official of the US Food and Drug Administration (FDA) called for a safety review of its cholesterol-busting drug Crestor.
The official also raised concerns about an asthma drug from GlaxoSmithKline, putting the sector under a cloud and pushing the FTSE 100 Index down 10.1 points to 4795.2 by mid-morning.
Investors fretted about the impact on revenues of AstraZeneca and Glaxo if customers turn their backs on some of their key drugs.
As a result, AstraZeneca fell 194p to 2173p and GlaxoSmithKline weakened 4% or 42p to 1150p.
Oil stocks firmed as the price of crude started to creep higher once more. BP moved 6.5p higher to 540p and Shell was 3.5p ahead at 44.35p after the cost of US light, sweet crude for January delivery rose 1% to 46.83 US dollars a barrel.
Outside the top flight, former blue-chip stock EMI rose 12% or 25.5p to 234p after profits figures met hopes and the company spoke confidently about full-year expectations.
