NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Britain's FTSE steadies as GSK leads health stocks, miners weigh

Published 15/08/2018, 07:08 pm
Britain's FTSE steadies as GSK leads health stocks, miners weigh
UK100
-
HIK
-
RIO
-
GSK
-
BHPB
-
ANTO
-
ADML
-
HG
-
FTMC
-
GLEN
-

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

* FTSE 100 flat

* Fresh hopes for GSK's HIV biz lifts shares

* Admiral, Hikma results in focus

* Miners fall as copper price declines

By Kit Rees

LONDON, Aug 15 (Reuters) - The UK's top share index steadied on Wednesday as a fall across mining stocks capped results-driven gains, with GlaxoSmithKline a standout riser after the result of a clinical trial boosted hopes for its HIV business.

The blue chip FTSE 100 .FTSE index was flat in percentage terms at 7,609.19 points by 0854 GMT, while mid caps .FTMC gained 0.2 percent.

Global markets more broadly have been hit by financial crisis in Turkey, though both the FTSE and European markets have stabilised.

However, a rise among UK health stocks provided the biggest boost to the index, led by a 1.4 percent jump for heavyweight GlaxoSmithKline GSK.L .

A positive result from a study lifted shares in Britain's biggest drugmaker. A long-acting injection developed by GlaxoSmithKline and given once a month has proved as effective as standard daily pills for controlling the AIDS virus. has lifted prospects for Glaxo's key HIV business.

"GSK has now delivered positive data from all three of the key elements making up its strategy of offering patients a move to less toxic dual therapy with the option of a monthly injectable," analysts at Liberum said in a note, adding that the prospects for dual-drug therapy are now much improved compared to a year ago.

Health stocks were also a bright spot among mid cap .FTMC , with shares in Hikma HIK.L soaring around 9 percent to a 15-month high after the Jordanian drugmaker raised its outlook at its two top units. half-year earnings update also boosted shares in Admiral Group ADML.L 5.5 percent to the top of the FTSE 100.

The UK insurer posted a better-than-expected rise in first-half pre-tax profit thanks to demand for its insurance products. 2018 H1 (first half) results were ahead of our estimates, with customer numbers, reserve releases and underwriting discipline all better than expected in the UK Motor business," analysts at Peel Hunt said in a note.

However, gains were limited by a fall across heavyweight mining stocks, with shares in Rio Tinto RIO.L , BHP Billiton BLT.L , Glencore GLEN.L and Antofagasta ANTO.L all down between 1.4 percent to 1.8 percent as the price of copper fell to its lowest level in more than a year. MET/L

The large FTSE miners tend to track the underlying price of copper, which has extended losses into a fourth session as fears receded over a possible strike at a copper mine in Chile.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.