The FTSE 100 index of leading shares just closed down 0.07%, or 4.75 points at 6683.87, in London.
Despite it looking like a boring day, there have actually been a lot of big movers.
The stock market was dragged lower by drug maker Shire, which tanked 5.4% after announcing plans to buy New York-listed biotech firm Baxalta for $US30 billion. Investors clearly don’t back the deal. Baxalta was only spun out of Baxter International a month ago.
Greek bottling company Coca Cola HBC was another big faller dropping 5.3%. It was dragged down by the continued slump on the Athens Stock Exchange.
But those big falls were evened out by two big risers:
- Meggitt — up 7.7% after aerospace group announced 10% rise in first half revenue and new £10.2 million contract with Ministry of Defence.
- Smith Group — up 4.8% after reports that activist investor ValueAct, which has just bought a stake in Rolls Royce, has bought a stake.
On the FTSE 250 index Vedanta Resources closed up 5% as investors piled in after a recent share price rout. Lonmin fell 8.3%, as the platinum miner was hit by fall in the price of the precious metal.