FTSE continues good run
The FTSE 100 Index continued its encouraging run today as a clutch of stocks took the limelight on a busy session for corporate news.
By lunchtime, the Footsie had surged 35.2 points to 4365.2, although off an earlier 70 point high after drugs giant AstraZeneca fell heavily on the news of a setback for its cancer treatment Iressa.
AstraZeneca shares, which have been under pressure in recent weeks, slumped another 12%, or 295p, to £20.75 following trials showing that Iressa does not enhance survival chances when added to standard platinum-based chemotherapy.
But the news for investors elsewhere on the London market was brighter, with ITV broadcasters Granada and Carlton strongly ahead after revealing plans to forge closer ties.
The groups, long touted as possible merger partners, plan to combine parts of their operations to cut costs and woo advertisers.
Granada surged 9% in morning trading as the City welcomed the potential cash boost while Carlton rose by almost 4%.
The gains by Granada, up 5p to 80, pushed it towards the top of the FTSE 100 leaderboard while Carlton rose 10p to 139p on the FTSE 250.
The top Footsie riser was Invensys as it jumped by more than 9% after it generated a further £256 million towards its debt reduction drive by selling the group’s sensor systems business to Honeywell.
Invensys has now raised more than £900 million in an effort to cut debts by £1.5 billion and its shares jumped 5p to 67.
