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The FTSE 100 followed a familiar pattern in recent days of losing ground by lunchtime, down 0.2% to 7,015.30 by midday despite a rally in the mining sector on higher metals prices.
US futures suggested a weak start to trading on Wall Street with the latest estimate of Q1 US GDP set to be released.
Pharma giant AstraZeneca said it had priced its €800 million fixed rate notes with a coupon of 0.375% that will mature on 3 June 2029.
AstraZeneca expected to use the net proceeds of the offering to fund a portion of the purchase price for the Alexion acquisition, and for general corporate purposes. Its share price fell 0.7% to £79.65.
GlaxoSmithKline and Vir Biotechnology said US Food and Drug Administration granted an emergency use authorization for sotrovimab an investigational monoclonal antibody to treat mild-to-moderate COVID-19 in adults and paediatric patients.
Meanwhile, GlaxoSmithKline and Sanofi got their phase 3 Covid-19 vaccine candidate study underway to evaluate the efficacy of the vaccine against the original D.614 virus as well as the South African B.1.351 variant. Following the announcements, GlaxoSmithKline's share price fell 1% t £13.40.
United Utilities fell 0.7% to 995.4p as it announced a fall in profit after tax in its annual results announcement for the year ended 31 March 2021.
The water services company, based in the north of England, reported an underlying profit after tax of £383m, down 21% from last year's announcement.
Insurer Aviva saw a 2.3% rise in its share price to 408.10p as reported flat new business premiums growth in its life insurance business as record quarterly net flows in its savings & retirement business was offset by lower volumes of annuities & equity release in a subdued market.
Core Life present value of new business premiums, or PVNBP, was flat £8.3 billion year-on-year, the company said.
Tate & Lyle has reported a 6% rise in its adjusted pre-tax profits for the year ended March 2021, duelled by double-digit growth in food and beverage solutions.
The food and beverage division saw a 12% rise in profit during the period to £177 million, and a 6% increase in revenue. Despite this, the share price fell 5.4% to 770.7p.
Chemicals company Johnson Matthey reported a fall in annual profit as higher costs offset an increase in revenue.
For the year ended 31 March 2021, pre-tax profit fell 22% to £238 million year-on-year and revenue climbed 8% to £15.67 billion. Its share price fell 4.3% to £30.15.