London’s FTSE 100 was down 0.6% at 7,293.42 in afternoon trade on Monday.
GSK was on the back foot after the pharma giant said that its blood cancer drug, Blenrep, failed to meet the main goal of a late-stage study.
Online supermarket Ocado was the standout gainer on the index, having surged last week after it announced a deal with South Korea’s Lotte Shopping.
Mike Ashley’s Frasers Group rallied as it launched a share buyback programme and following a report the company is among bidders for Made.com.
Russ Mould, investment director at AJ Bell, said: “Frasers, rumoured to be among the bidders for collapsed online sofa seller Made.com, pleased investors with news of a £70m share buyback.
“The capital return on its own is pleasing but it also says something about the financial strength and robust outlook for the business despite a difficult retail backdrop.”
FTSE 100 – Risers
Ocado Group (OCDO) 673.00p 6.15%
Frasers Group (FRAS) 703.50p 5.39%
Sainsbury (J) (SBRY) 218.80p 4.84%
Next (NXT) 5,288.00p 3.12%
Entain (ENT) 1,320.50p 2.84%
Antofagasta (ANTO) 1,297.00p 2.77%
Fresnillo (FRES) 774.80p 2.51%
Anglo American (AAL) 3,024.00p 2.46%
Land Securities Group (LAND) 593.00p 2.45%
Smith (DS) (SMDS) 301.10p 2.45%
FTSE 100 – Fallers
GSK (GSK) 1,383.00p -4.33%
Scottish Mortgage Inv Trust (SMT) 744.40p -2.92%
Centrica (CNA) 77.82p -2.63%
Convatec Group (CTEC) 211.20p -2.31%
HSBC Holdings (HSBA) 480.00p -2.04%
Reckitt Benckiser Group (RKT) 5,656.00p -1.43%
Sage Group (SGE) 709.20p -1.39%
Shell (SHEL) 2,493.50p -1.31%
BAE Systems (BA.) 790.00p -1.10%
Relx plc (REL) 2,283.00p -1.08%
