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London Market Report London Market Report
(about 3 hours later)
(Open): The market inched higher, with drugmaker Shire leading the way on speculation it could receive a higher takeover bid from suitor AbbVie. (Noon): After spending most of the morning in positive territory the FTSE 100 had dropped back by noon, with airline Easyjet leading the fallers.
Shire shares rose 72p to £46.42, with the Telegraph reporting that AbbVie's head was flying to London this week to try to woo Shire's shareholders. Shares in Easyjet fell 77p, or 5.3%, to £13.88 after Bank of America Merrill Lynch cut its rating on the carrier to "underperform".
In addition, Shire announced it had received a $410m (£241m) tax refund from Canadian authorities. The benchmark FTSE 100 index was down 13.81 points at 6,743.96.
The benchmark FTSE 100 index was up 2.93 points at 6,760.70. Drinks group Diageo was the top riser, up 25p, or 1.4%, at 1872.5p on rumours it could merge with SAB Miller.
Easyjet saw the biggest fall in the index, dropping 71p to £13.88, after Bank of America Merrill Lynch cut its rating on the company to "underperform". Shares in drugmaker Shire had risen sharply in early trade on speculation it could receive a higher takeover bid from suitor AbbVie, and after the firm said it had received a $410m (£241m) tax refund from Canadian authorities.
Sports Direct share fell 14.5p. or 2%, to 709p. The sports goods retailer denied speculation that it was mulling a takeover bid for shoe retailer Office. However, as the morning progressed the shares lost some of their gains and by midday they were up 10p at £45.80.
On the currency markets, the pound fell 0.1% against the dollar to $1.7017, and dropped 0.2% against the euro to 1.2461 euros. Sports Direct shares fell 21p. or 2.9%, to 702.5p. The sports goods retailer denied speculation that it was mulling a takeover bid for shoe retailer Office.
On the currency markets, the pound edged up 0.04% against the dollar to $1.7043, and was flat against the euro at 1.2484 euros.