FTSE up as Astra leads; housebuilders, M&S slip
*FTSE 100 up 0.4 pct
*AstraZeneca leads drugmakers higher after patent ruling
*M&S slumps after shock warning on profit
By Michael Taylor
LONDON, July 2 (Reuters) - Britain's benchmark stock index rose 0.4 percent early on Wednesday as AstraZeneca (AZN.L: Quote, Profile, Research, Stock Buzz) led drugmakers higher after it won a key patent battle, while retailers and housebuilders dragged.
At 0755 GMT, the FTSE 100 .FTSE was up 20.4 points at 5,500.3 in volatile trading after shedding 2.6 percent and touching a three month low in the previous session.
AstraZeneca surged 6.2 percent to top the blue-chip leaderboard after the group won a key U.S. patent battle over its second-biggest selling drug, Seroquel, for schizophrenia and bipolar disorder. [ID:nL02369148]
Rival heavyweights GlaxoSmithKline (GSK.L: Quote, Profile, Research, Stock Buzz) and Shire (SHP.L: Quote, Profile, Research, Stock Buzz) rose 1.2-3.1 percent. Continued...
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