Britain's FTSE weakens, hurt by drugmakers

LONDON Thu Feb 7, 2013 3:11am EST

LONDON Feb 7 (Reuters) - Britain's top share index opened lower on Thursday, pressured by drugmakers, with GlaxoSmithKline retreating as analysts weighed in on the stock after its results in the previous session.

GlaxoSmithKline was among the top fallers, off 0.8 percent, as Credit Suisse cut its core EPS forecasts for the firm by up to 5 percent, noting that management's 2013 guidance confirmed an absence of any major revenue or operating profit growth.

The FTSE 100 was down 4.80 points, or 0.1 percent, at 6,290.54 by 0810 GMT, having risen in the previous two sessions after suffering its sharpest one-day percentage drop in three months on Monday.

"For now I am more interested in buying the dips than selling the rallies," said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million of assets. (Reporting by Tricia Wright)


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