FTSE 100 flat as miners and drugmakers drop back

By Rachel Cooper Published: 12:52PM GMT 08 March 2010

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FTSE 100

AstraZeneca

GlaxoSmithKline

Petrofac

Marks & Spencer Group

But by midday, the FTSE 100 had rallied somewhat and was probably prosaic at 5599.55.

Dragging on the blue-chips was an under-the-weather AstraZeneca. Britain"s second-largest drug builder fell around 1.5pc after investors were unhappy by AstraZeneca"s cancer drug, Recentin, unwell a head-to-head late theatre hearing on colorectal cancer patients with Roche"s Avastin.

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It is the initial of dual late-stage trials and AstraZeneca will await interpretation from the second hearing prior to creation any decisions on filing Recentin for approval.

Astra was additionally assimilated on the loserboard by the curative peer, GlaxoSmithKline.

Intertek, the contrast company, that currently posted increase that kick marketplace expectations, forsaken behind around 20p to �13.26..

Wolfhart Hauser, arch executive, pronounced that "with great marketplace positions, geographic and industry diversification and majority merger opportunities the house is assured that Intertek will grow well in the future, notwithstanding the mercantile environment."

Leading the large-caps in a diseased mornings trade was Petrofac, that posted increase forward of forecasts after winning new contracts in the engineering and building a whole division. The oil and gas services association was up around 4pc at midday.

Also propping up the blue-chips were retailers, with Marks & Spencer , Tesco and Home Retail Group all on the rise.

Among the second-liners, the majority fad was generated by Forth Ports. The Scottish ports user shot up roughly 24pc after rejecting a �13.40 takeover proceed from a consortium done up of shareholders Arcus, the Peel Group and Deutsche Banks Rreef infrastructure fund.

At the conflicting finish of the scale, interdealer attorney Tullett Prebon was the greatest faller after observant that staff defections strike the 2009 revenues, that will go on to humour as it rebuilds the teams.

"The net outcome of the attorney defections in North America has been to revoke income by 6 percent," arch Executive, Terry Smith, said.