FTSE 100 movers: Miners shine; Pharma green behind the gills
Mining stocks rallied on the FTSE 100 as metal prices rose with Glencore, Rio Tinto and BHP Billiton among the biggest risers.
BAE Systems was given a boost after Berenberg upgraded the stock to ‘buy’ from ‘hold’ and lifted the price target to 580p from 520p.
Pharmaceutical stocks continued to slide after US presidential favourite Hillary Clinton slammed US-based Mylan over its 480% hike in the price of its EpiPen epinephrine product since the company acquired it in 2007.
Following her remarks, Mylan said it was cutting the cost of the EpiPen 2-Pak through the use of a savings cards that will cover up to $300, effectively halving the price.
Shares in Astrazeneca, Shire and GlaxoSmithKline dropped.
Sky shares fell after analysts at Macquarie said the time was ripe for Fox to pick-up the 61% of Sky which it did not already own, following the 32% year-to-date share price drop in the shares of the latter in US dollar terms.
For Sky, a deal would help it to consolidate its content offering via Fox´s financial backing, which could well include Formula One, which was up for sale, the broker said in a research note published on 25 August.
Market Movers
FTSE 100 (UKX) 6,819.61 0.04%
FTSE 100 - Risers
Glencore (GLEN) 183.45p 2.34%
BAE Systems (BA.) 539.50p 2.08%
Rio Tinto (RIO) 2,433.00p 1.84%
Travis Perkins (TPK) 1,704.00p 1.31%
Provident Financial (PFG) 3,014.00p 1.11%
BHP Billiton (BLT) 1,058.50p 1.10%
Antofagasta (ANTO) 532.50p 1.04%
Royal Dutch Shell 'B' (RDSB) 1,965.50p 0.90%
Royal Dutch Shell 'A' (RDSA) 1,893.50p 0.88%
Hikma Pharmaceuticals (HIK) 2,168.00p 0.84%
FTSE 100 - Fallers
AstraZeneca (AZN) 4,948.50p -1.25%
Imperial Brands (IMB) 3,996.50p -0.98%
Burberry Group (BRBY) 1,320.00p -0.98%
Centrica (CNA) 234.30p -0.93%
London Stock Exchange Group (LSE) 2,775.00p -0.93%
Marks & Spencer Group (MKS) 344.00p -0.84%
Unilever (ULVR) 3,530.00p -0.83%
Shire Plc (SHP) 4,863.00p -0.80%
Sky (SKY) 866.50p -0.74%
Admiral Group (ADM) 2,049.00p -0.63%