Sector movers: Hikma leads pharmaceuticals higher, Vodafone boosts mobile telcos

Pharmaceutical companies were leading the upside on Friday afternoon, after analysts at Numis initiated coverage of Hikma Pharmaceuticals, rating it at ‘add’.

“Hikma is emerging as a global leader in complex injectable medicines, which it has made a strategic priority over the last decade, and is reaping the rewards in a stricter regulatory environment today,” said analyst Paul Cuddon in a note.

“The Branded business provides a powerful distribution channel into the fast growing Middle East and North African market and the generics business provides a broader pipeline able to address increasingly high profile branded opportunities, releasing cash to further invest in territorial expansion.”

The stock was up 2.26%, with fellow pharma company GlaxoSmithKline also up, by 1.28%.

Drugmakers had also negotiated a new supply deal with the Irish government, worth more than €700m.

Mobile telecommunications were also rising, led by Vodafone which was on the up after the company insisted it was not looking at any plan to move its headquarters away from the UK.

Investors seemed more pleased with that than the news that Vodafone’s UK sales slid 3.2% in the three months to July, to €1.84bn.

Travel and Leisure was among the sectors under pressure, with easyJet shares losing 3.56% in afternoon trading.

The airline had revealed on Thursday that its costs increased by £40m in just three weeks as a result of the post-Brexit vote weakening of sterling.

Top performing sectors

Mobile Telecommunications 4.25%
Construction & Materials 2.25%
Pharmaceuticals & Biotechnology 0.89%

Worst performing sectors

Industrial Transportation -1.57%
Oil Equipment, Services & Distribution -1.49%
Aerospace & Defense -1.12%