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City news.

London shares lost some of their post-US election strength today, as profit taking took its toll on the market.

Relief at news of a victory by President Bush had boosted the FTSE 100 Index yesterday, but in the first hour of trading the index retreated.

Traders across the Atlantic also applauded the result last night, sending the Dow Jones Industrial Average higher.

In London, some of yesterday's biggest climbers fell victim to profit taking, including drugs company AstraZeneca, off 15p to 2304p, and GlaxoSmithKline falling 5p to 1188p.

Elsewhere in the sector, Shire Pharmaceuticals was the second heaviest faller ahead of third quarter results due later today. Shares weakened 8.5p to 532p.

Oil companies were among those lifting the mood as the price of a barrel of crude in the US remained above 50 US dollars. BP rose 6.5p to 539.5p and Shell added 2.25p to 433p.
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Title Annotation:Business Local
Publication:Evening Gazette (Middlesbrough, England)
Date:Nov 4, 2004
Words:151
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