London markets lower on session
by Elaine Frei
The London equities markets were lower on Monday, with the FTSE 100 dropping 0.5 percent to 6,126.8 and the FTSE 250 falling 0.4 percent to 10,308.6.
In the pharmaceuticals sector, Shire dropped 2.8 percent on the session to 940p on profit-taking. Shire is up 45 percent on the year so far.
Wolfson Microelectronics dropped 3.9 percent to 292¼p after McCall, Aitken, McKenzie, a new broker, advised its clients to sell after Wolfson’s rally last week. Elsewhere in the semiconductors sector, ARM Holdings fell 3.5 percent to 109p in anticipation of its third quarter report, due later in the day.
Insurers were higher. Aviva added 0.2 percent to 771p and Prudential, which rebuffed an Aviva bid earlier in the year, gained 1.7 percent to 641p on analyst sentiment that it remains vulnerable to a bid after recent weak data. Many believe that Aviva is still interested. Elsewhere, Standard Life gained 1.6 percent to 287½p on media reports that Axa of France could be interested in bidding for the life assurer, even though analysts were not convinced.
Hanson added 2.3 percent to 727½p on ABN Amro’s repeat of its “buy” rating and £10.60 target share price. The building materials group had dropped 4.4 percent on Friday.
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