FTSE 100 movers: Shire rallies on drug trial; Shell goes ex-div
London’s FTSE 100 was down 1% to 7,428.79 in afternoon trade amid worries about US President Donald Trump’s administration.
Shire shares rallied as the biopharmaceutical group said phase 3 results for its lanadelumab treatment for hereditary angioedema showed a significant reduction in the monthly attack rate. The company will submit a biologics license application for evaluation by the US Food and Drug Administration late this year or early 2018.
Burberry was in fashion after it reported annual profits at the upper end of expectations and promised investors a new £300m share buyback.
Royal Mail was also stronger after it posted a 25.5% jump in full-year pre-tax profit as revenues nudged higher, although the group did caution that sales in the UK are likely to fall.
On the downside, credit checking company Experian retreated as it said profit for the year to the end of March rose 11% and announced a $600m share buyback for full-year 2018.
Equipment rental firm Ashtead - which has been seen as one of the biggest beneficiaries of President Trump’s infrastructure plans - was under the cosh. Hargreaves Lansdown analyst Nicholas Hyett pointed out that that was on the President’s pledge to ramp up infrastructure spending, “but, with the administration leaking political capital amidst allegations of Russian connections, markets are worried that the US might not get the surge in construction spending that had been expected”.
“That’s not good news, especially as the group recently increased its capital expenditure plans,” he added.
Royal Dutch Shell gushed lower as its stock went ex-dividend.
FTSE 100 - Risers
Shire Plc (SHP) 4,952.00p 4.66%
Centrica (CNA) 201.00p 3.93%
Burberry Group (BRBY) 1,687.00p 2.80%
Royal Mail (RMG) 439.90p 2.11%
Marks & Spencer Group (MKS) 382.00p 1.73%
SSE (SSE) 1,493.00p 1.70%
Whitbread (WTB) 4,179.00p 1.28%
Merlin Entertainments (MERL) 513.00p 1.28%
Next (NXT) 4,354.00p 1.26%
DCC (DCC) 7,480.00p 1.01%
FTSE 100 - Fallers
Royal Dutch Shell 'B' (RDSB) 2,162.00p -3.93%
Mondi (MNDI) 1,945.00p -3.90%
Royal Dutch Shell 'A' (RDSA) 2,101.50p -3.82%
Antofagasta (ANTO) 777.00p -3.54%
Experian (EXPN) 1,639.00p -3.25%
Ashtead Group (AHT) 1,510.00p -3.21%
Provident Financial (PFG) 3,061.00p -3.01%
British Land Company (BLND) 632.00p -2.99%
Anglo American (AAL) 1,049.00p -2.69%
Old Mutual (OML) 190.90p -2.65%