Shares in drugs giant AstraZeneca have fallen following a report that its chief executive, Pascal Soriot, is to leave to company to join Israel-based Teva Pharmaceutical Industries.
The report, on the Calcalist financial news website, pushed AstraZeneca’s share price down 3.7% in early trade.
That made it the biggest faller on the FTSE 100, with the index down 7.45 points at 7,409.48.
Shares in Babcock International rose 2.7% after an upbeat trading update.
The defence contractor said the financial year had started well, with trading in line with expectations.
Outside the FTSE 100, shares in Game Digital jumped 15% after Mike Ashley’s Sports Direct announced it had bought a 26% stake in the company.
On the currency markets, the pound rose 0.4% against the dollar to $1.2943, and was 0.2% higher against the euro at 1.1318 euros.