Drugs giant Shire Pharmaeuticals helped the FTSE 100 index to cross the psychological 4,600 barrier again this afternoon, after announcing it has distribution approval in the US.
The FTSE 100 index eventually closed up 46.7 points or just over 1% to 4,630 thanks largely to Shire Pharmaceutical positive news about the approval of its treatment for kidney failure patients.
Shire eventually closed the day up just 4.25p or 0.81% to 526p, having earlier in the day gained over 2% in value.
After BP’s profit surge yesterday, Shell Transport & Trading is now being closely watched by analysts as the Royal Dutch/Shell Group – a 40% share of which Shell Transport holds - reports its earnings tomorrow and could therefore boost the STT price. Its share price gained 11.75p or 2.85% to 423.75p and follows Statoil’s report earlier today suggesting record crude oil prices have increase profits.
Elsewhere in the market today, another major development was announced for South Staffordshire Group after Bahrain’s First Islamic Investment Bank bought the water group at 25p a share more than today’s price, which eventually closed up 130p or 13% higher at £10.95. The investment firm bought the company under the name AquaInvest.
In the US, technology stocks appeared to have fared best so far today as a further fall in the oil price is likely to present slightly better profit potential. The Dow Jones is also reported to be heading for its best two-day rally in a year.
At close of business in London, the Dow Jones Industrial Average index was up 57 points or 0.58% to 9,945.6 while the S&P 500 index gained 7 points or 0.64% to 1,118 and the Nasdaq Composite index gained over 28 points or 1.47% to 1,957.IFAonline
Joined as head of strategy, multi asset, in June
Group income protection
Nine in 10 do not have income protection
Set to become part of Single Financial Guidance Body