FTSE edges higher amid inflation slump

The FTSE 100 was higher by mid-morning despite this morning's data from the ONS revealing a greater than expected fall in the rate of CPI inflation.

Shire, Britain's third largest pharma behind GlaxoSmithKline and AstraZeneca, led the blue-chip index higher after it appointed Citigroup to handle any approaches it may receive. The sector is still tipped for a surge in M&A despite Pfizer's recent failed attempt to buy AstraZeneca. Shire's announcement lifted shares 3% to £36.43 by 10:30am. Meanwhile, positive results from Whitbread - which owns hotel chain Premier Inn - helped its own shares climb 3% after profits beat forecasts. The stocks boosted the index by 14 points to 6,768, in line with overseas markets. The Nikkei rose...