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Version 1 Version 2
London Market Report London Market Report
(about 4 hours later)
(Noon): Drugs shares pulled the market down sharply after new US tax rules were seen as making several UK firms less desirable for takeovers. (Close): Drugs shares pulled the market down sharply after new US tax rules were seen as making several UK firms less desirable for takeovers.
The US has reduced the benefits to companies who strike what are known as "tax inversion" deals.The US has reduced the benefits to companies who strike what are known as "tax inversion" deals.
Shares in Shire sank 6.2% on fears the changes could threaten its agreement to be bought by AbbVie. Shares in Shire sank 2.5% on fears the changes could threaten its agreement to be bought by AbbVie.
AstraZeneca - which was a takeover target for Pfizer earlier this year - dropped 5%. AstraZeneca - which was a takeover target for Pfizer earlier this year - dropped 3.57%.
The FTSE 100 index was down 89.81 points, or 1.3%, at 6,683.82. The FTSE 100 index closed down 97.55 points, or 1.44%, at 6676.08.
There was further misery for Tesco, a day after its shares plunged 11% on news it had overstated profits guidance by £250m.There was further misery for Tesco, a day after its shares plunged 11% on news it had overstated profits guidance by £250m.
Its shares fell a further 3.9% to 195.05p, despite it announcing that its new chief financial officer, Alan Stewart, was joining the company immediately, more than two months earlier than originally planned. Its shares fell a further 4.2% to 194.5p, despite it announcing that its new chief financial officer, Alan Stewart, was joining the company immediately, more than two months earlier than originally planned.
Mothercare shares fell 3.9% to 238.50p after the baby goods retailer announced plans for a £100m rights issue. Sugar company Tate & Lyle fell 16.7%, after the company warned that profits would be dented by significant disruption to its supply chain.
The retailer said it would use about £45m of the money raised to expand its store closure programme and also to refurbish other stores. The rest of the cash will be used to cut debt and to improve IT systems. On the currency markets, the pound rose 0.05% against the dollar to $1.6369 and fell 0.04% against the euro to 1.2728 euros.
Tate & Lyle plunged more than 16% to 612.50p after the sugar and sweeteners maker issued a profit warning.
Problems with its supply chain means it now expects full-year adjusted pre-tax profits of £230m-£245m, about 20% lower than analysts had expected.
On the currency markets, the pound rose 0.16% against the dollar to $1.6389 and fell 0.13% against the euro to 1.2716 euros.