FTSE 100 movers: Pharmas get a boost from Trump; Dixons drops

London’s FTSE 100 was up 0.6% to 7,142.31 in afternoon trade following the release of upbeat UK manufacturing data, as investors eyed the Fed’s latest rate announcement.

Pharmaceutical stocks Hikma and Shire were in the black after US President Trump provided a boost to the sector following what was deemed a successful meeting with sector executives on Tuesday.

Smiths Group was on the front foot after the engineer said the trustee of its TI Group Pension Scheme has entered into a bulk annuity buy-in agreement with specialist insurer of defined benefit pension funds Pension Insurance Corporation.

The buy-in policy covers liabilities totalling £130m relating to around 1,500 legacy scheme pensioners and dependants. Through a series of buy-ins, around £1bn of the TI Scheme liabilities has now been insured, Smiths said

On the downside, Dixons Carphone was weaker after the retailer said Ian Livingston will succeed Charles Dunstone as chairman on 30 April, allowing Dunstone to take up the role of executive chairman at TalkTalk.

Also on Wednesday, Goldman Sachs initiated coverage of Dixons at ‘neutral’ with a 350p 12-month price target, saying the company is well-positioned in the medium term to deal with the structural challenges it faces.

The bank said that its full-year pre-tax profit estimate for 2018 is broadly in line with consensus and a near-term re-rating is unlikely in the absence of catalysts , especially given the continuing overhang from an uncertain UK outlook, hence the ‘neutral’ stance.

United Utilities was trading lower despite being lifted to ‘outperform’ by Exane BNP Paribas.

Risers

Pearson (PSON) 635.00p 2.58%
Hikma Pharmaceuticals (HIK) 1,869.00p 2.47%
Shire Plc (SHP) 4,472.00p 2.11%
Anglo American (AAL) 1,386.50p 2.10%
Micro Focus International (MCRO) 2,184.00p 1.82%
BHP Billiton (BLT) 1,463.50p 1.81%
Smiths Group (SMIN) 1,525.00p 1.60%
International Consolidated Airlines Group SA (CDI) (IAG) 484.30p 1.59%
Morrison (Wm) Supermarkets (MRW) 239.80p 1.57%
GKN (GKN) 348.60p 1.51%

Fallers

Mediclinic International (MDC) 770.00p -1.91%
Provident Financial (PFG) 2,676.00p -1.80%
Dixons Carphone (DC.) 311.50p -1.39%
Intu Properties (INTU) 267.00p -1.22%
easyJet (EZJ) 939.50p -1.11%
DCC (DCC) 6,335.00p -0.94%
National Grid (NG.) 920.60p -0.77%
United Utilities Group (UU.) 910.00p -0.76%
Randgold Resources Ltd. (RRS) 6,705.00p -0.74%
TUI AG Reg Shs (DI) (TUI) 1,154.00p -0.69%