Quiet day on FTSE

The FTSE 100 Index languished around its opening mark today as a lack of corporate data left it without much direction.

Drugs giants GlaxoSmithKline and AstraZeneca tried to provide momentum for the London market to build on Friday’s gains, while early movement on Wall Street offered some encouragement.

But progress was slowed by a string of retailers, leaving the top flight up just 8.2 points at 5539.8.

AstraZeneca topped the leaders board after judges across the Atlantic upheld the exclusivity of two patents held by Pfizer.

The stock lifted 83p to 2830p and was followed up by GlaxoSmithKline – 23p ahead at 1483p – after the decision in America relating to the active ingredient used in one of Pfizer’s cholesterol-reducing products.

AstraZeneca is already heavily involved in this area of medicine, and the ruling also helped to boost Shire, which ticked 7p higher to 731.5p.

Miners added to the positive sentiment as BHP Billiton stood 13p higher at 893.5p and RioTinto rose 37p to 2526p.

The gains helped to pare disappointment at lower oil stocks and the decision by consumer products firm Unilever to keep its dual-listed structure.

Unilever was one of the session’s biggest losers – off 10p to 572.5p – after bosses said alternatives to its current set-up offered no compelling benefits.

Unilever was surrounded by retailers which suffered today, with Next off 27p to 1528p, Kingfisher down 4p to 235p and Boots 6.5p worse off at 594.5p. But Royal & Sun Alliance was the day’s biggest loser, off 3p to 120.75p

Oil giants BP and Royal Dutch Shell struggled to make headway with Shell 5p lower at 1835p and BP off 3p at 621p after the cost of crude fell more heavily on Friday than at any time over the past three months.

And it was a disappointing top flight debut for housebuilder Persimmon, which fell 3p to 1226p after promotion to the FTSE 100 Index. Leisure group Whitbread, which was relegated in the reshuffle, was 4.5p higher at 940.5p.

Elsewhere, investors liked the double deal announced by Carphone Warehouse today that will expand its TalkTalk fixed-line business. Carphone shares rose 8% or 18.75p to 258.75p after buying Onetel from Centrica, which was down 1.75p to 241.75p.

Crash test dummy maker First Technology leapt 30% or 66.5p to 289p after receiving a firm offer from US giant Honeywell, with traders speculating that a rival bid may follow.

Dairy Crest, the maker of Cathedral City and Country Life butter, was also the subject of bid speculation as its shares rocketed 8% or 39p to 521.5p even though it has not been formally approached by any party.

The biggest blue chip risers were AstraZeneca up 83p to 2830p, Johnson Matthey up 21p to 1349p, GlaxoSmithKline 23p better off at 1483p and Rio Tinto up 37p to 2526p.

The heaviest fallers were Royal & Sun Alliance down 3p to 120.75p, Next off 27p to 1528p, Unilever down 10p to 572.5p and Kingfisher, which slipped 4p to 235p.