FTSE 100 movers: Pharmas under the cosh; CRH builds gains on results

London’s FTSE 100 was down 0.3% to 6,814.38 in afternoon trade.

Pharmaceuticals were under the cosh on Thursday following comments from US presidential favourite Hillary Clinton on pharma pricing that hit peers across the Atlantic overnight.

Clinton joined senators Susan Collins and Claire McCaskill in highlighting US-based Mylan's 480% hike in the price of its EpiPen epinephrine product since the company acquired it in 2007.

Accendo Markets’ Mike van Dulken said Clinton’s comments served “to strike fear into the hearts of healthcare groups and their investors everywhere. As always, the industry remains between a rock and a hard place, treading the fine line between balancing the costs of clinical success (and failure) with the economic laws of supply and demand, all the while trying (often in vain) to satisfy demanding stakeholders without appearing to view the sick as merely a commercial opportunity."

Hikma Pharmaceuticals and Shire were under pressure.

Dixons Carphone, Hammerson, Taylor Wimpey and Carnival weighed on the FTSE as the stocks went ex-dividend.

On the upside, building materials group CRH rallied after winching its half-year dividend a touch higher as it reported the early stages of an economic recovery in Europe.

Having been flat in the first quarter, European sale rose 3% in the six months to 30 June, which coupled with a slight slowing in the rapidly expanding Americas and Asia operations, saw interim group revenue grow 35% to €12.7bn.

On a proforma basis that excludes the two major acquisitions completed in the second half of 2015, sales were up 8%.

Broadcaster ITV was also on the front foot as it withdrew its proposed acquisition of Peppa Pig owner Entertainment One, refusing to up its offer after its initial bid was rejected, potentially leaving the door open for rumoured private equity bidder KKR.

"ITV continues to believe in the strategic logic and potential benefits of acquiring eOne but has a clear view of the value of the business, recognising that this value would need to be verified by appropriate due diligence," the broadcaster said.

Risers

CRH (CRH) 2,571.00p 4.13%
Marks & Spencer Group (MKS) 346.90p 2.63%
Mediclinic International (MDC) 1,040.00p 1.46%
United Utilities Group (UU.) 979.50p 1.08%
Severn Trent (SVT) 2,418.00p 1.04%
ITV (ITV) 203.90p 1.04%
National Grid (NG.) 1,074.00p 0.99%
Ashtead Group (AHT) 1,251.00p 0.89%
Unilever (ULVR) 3,557.00p 0.86%
Imperial Brands (IMB) 4,038.50p 0.81%

Fallers

Hikma Pharmaceuticals (HIK) 2,136.00p -4.13%
Glencore (GLEN) 177.35p -3.61%
Dixons Carphone (DC.) 374.30p -3.28%
Shire Plc (SHP) 4,870.00p -3.08%
Hammerson (HMSO) 572.50p -3.05%
Taylor Wimpey (TW.) 163.60p -2.91%
Anglo American (AAL) 828.40p -2.38%
Persimmon (PSN) 1,870.00p -2.15%
Carnival (CCL) 3,598.00p -1.80%
Rolls-Royce Holdings (RR.) 774.50p -1.78%