Shire Pharmaceuticals was the latest high profile casualty in the FTSE 100. The stock lost almo...
Shire Pharmaceuticals was the latest high profile casualty in the FTSE 100. The stock lost almost a third of its value today as the FTSE 100 slipped 77.4 points to 5101.
An otherwise grim day's trade was lifted slightly by news the US economy grew at a revised 1.4% in
the fourth quarter, the fastest pace in a year.
Shire plunged 32% to 520p its lowest level since September 1999. The group admitted costs of developing the renal disease drug, Foznol, could hamper growth this year. To worsen matters cheaper generic competition is on the horizon to face its best-selling hyperactivity drug, Adderall.
It was a bad day for insurers too after Royal & Sun Alliance revealed worse than expected fourth-quarter losses – the stock fell 13.5p to 261p.
ARM Holdings lost 17p to 283p as investors chose to cash in on the 14% gain it made this week.
British Airways led a modest bunch of FTSE 100 risers with a gain of 4% to 204p.
Over on Wall Street, at midday markets were relatively unmoved. The Dow Jones rose 65 to 10193, the Standard & Poor's 500 added 6 to 1116 while the Nasdaq was flat at 1751.
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