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Drugs firms lead FTSE 100 rebound Drugs firms lead FTSE 100 rebound
(about 1 hour later)
The London market enjoyed a modest rebound, with shares in drugs companies seeing some of the largest gains. (Noon): The market enjoyed a modest rebound, with shares in drugs companies seeing some of the largest gains.
By mid-morning, the FTSE 100 index was up 31.36 points, or 0.5%, at 6,122.59, having fallen more than 1% on Tuesday. The benchmark FTSE 100 index was up 27.39 points, or 0.45%, at 6,118.62, having fallen more than 1% on Tuesday.
Pharmaceutical shares were higher on reports that Pfizer is set to abandon its planned takeover of Allergan. Pharmaceutical shares were higher after Pfizer confirmed it had scrapped its planned merger with Allergan.
That has led to speculation that other firms in the sector could now be bid targets. Shares in Shire rose 3.1% and AstraZeneca climbed 2.6%. That has led to speculation that other firms in the sector could now be bid targets. Shares in Shire rose 2.6% and AstraZeneca climbed 2.7%.
Shares in no-frills airline Easyjet fell 2% after it published passenger figures for March. Shares in no-frills airline Easyjet fell 2.2% after it published passenger figures for March.
Passenger numbers rose 4.3% from a year earlier to 5,728,114, but its load factor - the percentage of seats occupied - slipped 1.3% to 91.3%.Passenger numbers rose 4.3% from a year earlier to 5,728,114, but its load factor - the percentage of seats occupied - slipped 1.3% to 91.3%.
Easyjet said it had cancelled 611 flights last month, with most due to strike action in France.Easyjet said it had cancelled 611 flights last month, with most due to strike action in France.
On the currency markets, the pound fell 0.3% against the dollar to $1.4116, and slipped 0.1% against the euro to €1.2432. On the currency markets, the pound fell nearly a cent against the dollar to $1.4072, and dropped 0.3% against the euro to €1.2400.