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Hikma tumbles 12.3% as FTSE 100 rises | |
(about 4 hours later) | |
(Noon): Pharmaceuticals firm Hikma was the biggest loser on London's main share index after it lowered its offer for US firm Roxane Laboratories. | |
Hikma said that following due diligence, it was reducing its offer by $535m. The news sent its share price tumbling 12.3%. | |
Overall, the benchmark FTSE 100 index was up 58.2 points or 1.03% at 5,690.39. | |
Insurance firm Prudential was the biggest gainer, rising 6.5%. | |
Mining stocks fared less well, with Glencore down 3.1% and Randgold Resources sliding 3%. | |
Another faller was chipmaker ARM Holdings, which shed 1.4% despite a 17% rise in fourth-quarter profit. | |
The firm reported profits of £138.7m, slightly ahead of market expectations. | The firm reported profits of £138.7m, slightly ahead of market expectations. |
On the commodities markets, Brent crude was up 1.7% to $30.84, while US light crude rose 1.8% to $28.45. | |
On the currency markets, the pound was up 0.43% against the dollar at $1.4534 and 0.83% higher against the euro at €1.2922. |