The FTSE 100 (INDEXFTSE:UKX) was virtually flat as gains in early trading fizzled out and Just Eat was the biggest faller on the index.
The blue chip share index fell 0.007%, down 0.64 of a point at 7,223.64 by 11.02 GMT.
Just Eat (LON:JE) shares dropped 4.8% on a downgrade by Deutsche Bank to Sell from Hold. Deutsche Bank analysts said: “Just Eat is expanding into food takeaway delivery, an already crowded market, versus the company’s existing position as an order aggregation platform.” Shares in the online takeaway platform had fallen 12% since last week when it said it would be investing in delivery in Canada, Australia, New Zealand and the UK.
easyJet (LON:EZJ) was the biggest winner on the index, up 1.5%, as Credit Suisse upped its target price and reaffirmed its Outperform rating. Credit Suisse believes that the airline’s summer pricing will deliver beneficial results.
In the mid-caps, Hikma Pharmaceuticals (LON:HIK) and Vectura (LON:VEC) both fell 2.1% and 4.4% respectively as they said that approval for their generic version of COPD drug Advair Diskus may not gain approval until 2020 as the US Food & Drug Administration has upheld its decision for a further clinical study into the drug.
On the currency markets, sterling rose 0.05% against the dollar to $1.3860 and gained 0.05% against the euro to €1.1260.