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(Noon): After spending most of the morning in positive territory the FTSE 100 had dropped back by noon, with airline Easyjet leading the fallers. | |
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". | |
The benchmark FTSE 100 index was down 13.81 points at 6,743.96. | |
Drinks group Diageo was the top riser, up 25p, or 1.4%, at 1872.5p on rumours it could merge with SAB Miller. | |
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. | |
However, as the morning progressed the shares lost some of their gains and by midday they were up 10p at £45.80. | |
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. |