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June 27, 2011, 7:17 a.m. EDT
AstraZeneca weighs on FTSE; Vedanta climbs
Bank stocks edge mostly lower; Salamander up after oil strikeStories You Might Like
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LONDON (MarketWatch) — British stocks edged higher in thin trading Monday as investors opted to sit on the sidelines ahead of this week’s crucial votes on Greek austerity measures.
The benchmark FTSE 100 index /quotes/zigman/3173262 UK:UKX -0.17% rose 0.2% to 5,711.55 as stocks wavered between small gains and losses.
Pharmaceutical giant AstraZeneca PLC /quotes/zigman/244926 UK:AZN -1.31% /quotes/zigman/134653/quotes/nls/azn AZN -1.55% dropped 1.2% after an update on its dapagliflozin diabetes drug.
The company said patients receiving the drug alongside metformin saw greater mean reductions in baseline blood-sugar levels, but there were also higher incidences of bladder and breast cancer in patients on the drug.
Royal Bank of Scotland analyst Michael Leacock said the trial result “raises serious concerns.”
“We now see little chance of dapagliflozin being approved and we have therefore removed it from our forecasts,” said Leacock in a note to clients.
June 27, 2011, 7:17 a.m. EDT
AstraZeneca weighs on FTSE; Vedanta climbs
Bank stocks edge mostly lower; Salamander up after oil strikeStories You Might Like
You might like:
•China fund chief: U.S. must reduce deficit
•Michelle Obama, on safari, sees elephant
•Asia slides as banks, energy firms decline
•U.S. stock futures edge up; Greek crisis in focus
LONDON (MarketWatch) — British stocks edged higher in thin trading Monday as investors opted to sit on the sidelines ahead of this week’s crucial votes on Greek austerity measures.
The benchmark FTSE 100 index /quotes/zigman/3173262 UK:UKX -0.17% rose 0.2% to 5,711.55 as stocks wavered between small gains and losses.
Pharmaceutical giant AstraZeneca PLC /quotes/zigman/244926 UK:AZN -1.31% /quotes/zigman/134653/quotes/nls/azn AZN -1.55% dropped 1.2% after an update on its dapagliflozin diabetes drug.
The company said patients receiving the drug alongside metformin saw greater mean reductions in baseline blood-sugar levels, but there were also higher incidences of bladder and breast cancer in patients on the drug.
Royal Bank of Scotland analyst Michael Leacock said the trial result “raises serious concerns.”
“We now see little chance of dapagliflozin being approved and we have therefore removed it from our forecasts,” said Leacock in a note to clients.