LONDON MARKETS: Shire Leads FTSE 100 Lower; Banks, Miners Off

Date : 06/25/2012 @ 4:50AM
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 47.82  -0.03 (-0.06%) @ 4:01PM

LONDON MARKETS: Shire Leads FTSE 100 Lower; Banks, Miners Off

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- Shire PLC led U.K. shares lower on Monday after a rival was cleared to market a generic version of one of Shire's drugs, while banks and miners declined ahead of euro-zone events later in the week.

The FTSE 100 index fell 0.6% to 5,481.55, after closing out last week with a 0.6% gain.

Pharma firm Shire tumbled the most in the index, down more than 10%, after the U.S. Food and Drug Administration approved a rival's generic version of its hyperactivity drug Adderall XR.

Analysts at Goldman Sachs said that the approval is a "negative relative to our expectations" and that they had not expected a generic approval before 2014.

"We assume Shire loses 50% of its market share," they said.

Among other stocks driving losses in the U.K., mining firms headed south while metals prices were mixed.

Heavyweight Rio Tinto PLC (RIO) lost 1%, Evraz PLC shed 0.8% and Vedanta Resources PLC gave up 0.9%.

Banks were lower as investors looked toward a much anticipated European Union summit at the end of the week for any announcements on closer fiscal integration in the region and the creation of a banking union.

Standard Chartered PLC ticked 0.9% lower, Lloyds Banking Group PLC (LYG) shed 0.7% and Barclays PLC gave up 0.6%.

Food retailer Wm Morrison Supermarkets PLC dropped 2.3% after announcing that group Finance Director Richard Pennycook plans to step down from the board and leave the firm at the end of June 2013.

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