LONDON Feb 7 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)