The FTSE 100 gained 0.08% to 4133.8 at market close, following news that the US may make prescriptio...
The FTSE 100 gained 0.08% to 4133.8 at market close, following news that the US may make prescription medication cheaper.
President George W Bush said in a speech today he wants to make it more difficult for companies to block generic medicines. He proposed rules requiring the brand-name drugmakers to give more detailed information when they file patents.
However, the news had an adverse affect on UK pharmaceutical stocks. GlaxoSmithKline led the fall.
GlaxoSmithKline declined 1.8% to 1,334p. AstraZeneca dropped 1% to 2,354p. Both earn more than half their revenue in north America.
The situation was more optimistic for PowderJect Pharmaceuticals, whose shares jumped 162.5p, or 64%, to 417.5, after the maker of flu vaccines said it has been approached by some companies that may be interested in buying it.
The Bush announcement had an uplifted the FTSE 100, which had slipped 0.5% by mid-afternoon. The fall was led by oil stocks after the US said it may accept a compromise with other United Nations members on Iraq that may avert an attack on the Middle Eastern oil producer.
Oil stocks BP and Shell fell as the price of crude oil dropped. BP shed 6 pence, or 1.3%, to 453.5p. Shell Transport & Trading Co., owner of 40% of Royal Dutch/Shell Group, dropped 2.25p, or 0.5%, to 425. Crude for December settlement fell as much as 2.3% to $27.20 a barrel in London.
It was a good day for Autonomy Corp which saw its shares rise 37p, or 35%, to 143. The information-management software maker said it will provide systems to help monitor suspected terror groups to 21 U.S. government agencies.
Also Moss Bros Group shares rose, by 1.5p, or 4.4 percent, to 35.5 after the Business newspaper said the menswear chain may receive another bid from Joe Bloggs jeans creator Shami Ahmed.
However, for some companies it was not such a great day. SFI Group, owner of Slug & Lettuce and Bar Med saw its shares plunge 51.5p, or 66%, to 26. The company said full-year profit will lag analysts' expectations because of delays to planned asset sales and costs relating to opening new sites.
Construction group, Birse Group fell 1.25p, or 10%, to 10.75 after Leicester City Plc, for which Birse built a soccer stadium, is seeking protection from creditors. This will cost the company £5.5 million.
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