Low confidence in pharmaceuticals despite defensive profile

Although August saw a modest rally in the markets, September led to a renewed bout of selling, causing the FTSE 100 Index to retest and fall slightly below its previous low at the end of the third-quarter. This was followed by further declines in early October. The evidence of recovery in the UK or US remains mixed and the possibility of a double-dip recession is still a distinct one. Although some sectors are traditionally seen as defensive and expected to perform reasonably well in a bear market, we are seeing another interesting trend emerging ' the down-rating of whole sector...