The FTSE 100 headed lower as trading got underway on Friday, in line with a drop for heavyweights AstraZeneca PLC and GSK PLC.
After hitting another record high on Thursday, London’s blue-chip index slipped 18 points to 8,708 in early trades.
Legal & General Group PLC surged 8.2% in the meantime to head the risers, following news it had struck a £1.8 billion deal to sell its US protection business to Japan’s Meiji Yasuda.
The agreement also includes a long-term partnership aimed at expanding L&G’s US Pension Risk Transfer business, with Meiji Yasuda taking a 20% stake.
Ashmore Group PLC's shares edged lower after it reported a slight dip in assets under management in the six months to December to US$48.8 billion as strong trading over the first quarter was said to have reversed in the second.
The investment manager said net outflows moderated over the first half despite tough conditions most recently around the US election and bond market chaos.
In other news, house prices climbed to a record high in January, pushed by strong demand, in part as prospective buyers raced to complete deals before stamp duty hikes.
According to Halifax, average house prices rose by 0.7% over the month, or 3.0% on an annual basis, to £299,138, after falling by 0.2% in December.
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