FTSE 100 movers: Astrazeneca lower as patent rejected, BHP boosted by Pakistan disposal

Astrazeneca was trading lower after its patent on its Pulmicort Respules treatment for asthma was ruled by a US court as invalid. The US District Court of New Jersey ruling paves the way for generic versions of the lung drug to be released into the market. Actavis said it released a version of the drug following the court’s decision.

Centrica was also weaker after revealing plans to slash spending, cut jobs and severely write down the value of its business when it reports annual results on February 19th, The Sunday Times reported. The company also said it could cut its dividend in response to profits falling by a third.

Furthermore, The Competition and Markets Authority (CMA) is expected to accuse Centrica, among other providers, of manipulating the market to make extra profits. The CMA is also likely to claim that the company’s energy profits are higher than admitted.

Fresnillo was in the red after being hit with a downgrade from Morgan Stanley, from ‘overweight’ to ‘equal weight’.

Meanwhile, Tullow Oil was top of the risers after being listed as Morgan Stanley’s most-preferred lager-capitalisation law firm, on the assumption of a long-term oil price of $70 a barrel.

BHP Billiton was higher after offloading its unwanted Pakistan gas business to oil and gas explorer Tri-Resources, owned by one of Pakistan’s biggest conglomerates. BHP said in a statement that the deal is expected to close by December this year.

Risers

Tullow Oil (TLW) 421.70p +4.12%
Antofagasta (ANTO) 751.50p +2.80%
Coca-Cola HBC AG (CDI) (CCH) 1,194.00p +2.58%
SABMiller (SAB) 3,524.50p +1.94%
Aberdeen Asset Management (ADN) 457.30p +1.87%
easyJet (EZJ) 1,736.00p +1.70%
Hargreaves Lansdown (HL.) 1,022.00p +1.59%
BHP Billiton (BLT) 1,591.50p +1.43%
Anglo American (AAL) 1,221.00p +1.37%
Sky (SKY) 930.50p +1.25%

Fallers

Fresnillo (FRES) 842.50p -4.15%
Intertek Group (ITRK) 2,510.00p -3.28%
Centrica (CNA) 279.00p -2.79%
SSE (SSE) 1,537.00p -1.98%
AstraZeneca (AZN) 4,465.50p -1.88%
Unilever (ULVR) 2,739.00p -1.79%
Admiral Group (ADM) 1,433.00p -1.78%
Aggreko (AGK) 1,653.00p -1.72%
Weir Group (WEIR) 1,860.00p -1.69%
Capita (CPI) 1,139.00p -1.64%