GlaxoSmithKline Under Pressure, Reports shareprices.com
As midday hit, the FTSE 100 index was up 5.35 points or 0.1% to 5,363.52 as a poor morning in the pharmaceutical sector was offset by strength in the commodity and financial sectors, reports shareprices.com, a free online resource providing share information on all FTSE 100, 250 and 350 London Stock Exchange listed companies.
GlaxoSmithKline, the fifth largest company in Britain, was a major faller with its Share Prices down 28p or 2.27% to 1,207p, following a report by the U.S. Senate suggesting that the firm knew about the risk of heart attack from its diabetes drug, Avandia, prior to it becoming public knowledge. However, GlaxoSmithKline rejected the findings saying in a press release that the conclusions drawn on Avandia were "based on analyses that are not consistent with the rigorous scientific evidence supporting the safety of the drug."
Elsewhere, Associated British Foods (ABF), which owns Primark, Twinings, Allied Bakeries and Silver Spoon was down 3p or 0.32% to 934p, despite issuing a positive trading update. ABF said that trading at Primark had been strong, especially over the Christmas period, whilst profits from sugar would be well ahead of last year as the result of excellent performance in Europe and record prices for the commodity in China.
In the agricultural sector, ABF remained upbeat saying that, with the exception of sugar beet, which has been affected by lower prices, feed revenues were also ahead. Overall, ABF said that its adjusted earnings for the first half would show a substantial increase and remained confident of further growth for the rest of the year.
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