FTSE boosted by pharmaceutical ruling
The FTSE 100 Index received a much-needed shot in the arm today when a ruling on a blockbuster drug boosted shares in pharmaceutical firms.
Both AstraZeneca and rival GlaxoSmithKline made strong gains after American regulators said AstraZeneca’s cholesterol-lowering drug Crestor was not more likely to cause muscle damage than similar treatments.
This helped offset disappointment at weaker-than-expected UK services data and contributed to the Footsie closing 22 points higher at 5014.8.
AstraZeneca was the fourth highest Footsie climber, adding nearly 4% or 79p to 2152p, while Glaxo advanced 3%, up 36p to 1318p.
The session’s highest riser was Rentokil Initial, whose stock cheered 5% – up 8p to 170.25p.
Oil stocks also contributed to the improvement with high crude prices helping BP cheer 7p to 569p,
Shell rise 5.5p to 500.5p and smaller exploration company Cairn Energy lift 9p to 1249p.
The highest Footsie climbers today were Rentokil Initial advancing 8p to 170.25p, Bunzl up 21.5p to 528p, AstraZeneca rising 79p to 2152p and GlaxoSmithKline up 36p to 1318p.
The heaviest fallers were William Hill down 17p to 580p, Hanson off 11.75p to 501.75p, United Utilities down 14p to 598.5p and National Grid Transco off 10.25p to 494.75p.
