UPDATE 2-FTSE 100 ends lower as miners track lower metal prices; C4X Discovery shines
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* British shops and pub gardens reopen as lockdown eases
* C4X Discovery (JO: DSBPp ) ends at 18-month high on deal with Sanofi
* AstraZeneca falls after diabetes drug fails to meet main goal
* FTSE 100, FTSE 250 drop 0.4%
(Updates to close)
By Devik Jain and Shashank Nayar
April 12 (Reuters) - London's FTSE 100 ended lower on Monday, as heavyweight mining stocks slipped amid a drop in metal prices and a stronger pound weighed on the export-heavy index, while shares of drug developer C4X Discovery surged after a licensing deal with Sanofi.
The blue-chip index .FTSE ended 0.4% lower after recording its best weekly performance since early January on Friday.
Miners Glencore GLEN.L , BHP Group (JO: BHPJ ) BHPB.L and Anglo American (JO: AMSJ ) AAL.L fell between 0.9% and 1.8% and were the top drags on the index, tracking lower metal prices. MET/L
The domestically focussed mid-cap FTSE 250 index .FTMC dropped 0.4% even as England's shops, pubs, gyms and hairdressers reopened after three months of strict winter lockdown. is not much cheer on the reopening as it seems to be already factored in and neither are concerns of cases increasing as shops reopen," said Keith Temperton, equity sales trader at Forte Securities.
"Investors seems to be holding back as markets have rallied in a short time, and would wait until the earnings season kicks in.”
The FTSE 100 has risen 6.6% since the beginning of the year as huge vaccine rollouts coupled with added government stimulus helped boost investor optimism about a faster economic rebound. But a recent drop in metal prices and elevated yield levels have kept gains limited.
C4X Discovery C4XD.L jumped nearly 8% after the drug developer signed an exclusive licensing deal worth up to $492.12 million with French drugmaker Sanofi SASY.PA to develop an oral therapy for treatment of inflammatory diseases. HMSO.L dropped 2.9% after it confirmed that it was in talks for a possible sale of its retail parks portfolio to Canadian private equity player Brookfield Asset Management BAMa.TO . AZN.L fell 0.9% and was the third biggest drag on the FTSE 100 as data from a late-stage study to test whether its diabetes drug Farxiga could treat patients hospitalised with COVID-19 and at risk of developing serious complications fell short of its main goals.
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