Sector movers: M&A news-flow continues to boost pharma and biotech names
Drug and biotechnology shares were in demand on Wednesday, with investor sentiment towards the sector boosted by continued mergers and acquisitions activity in the sector.
Helping to lift AstraZeneca, GlaxoSmithKline and Hikma Pharmaceuticals shares was news from across the Pond that Johnson&Johnson had agreed to pay a 70% premium for biotech outfit Momenta Pharmaceuticals in an all cash transaction valued at $6.5bn.
Beaten down telecommunications names such as Vodafone, TalkTalk and BT Group also found a bid, alongside a rally in lenders.
Top performing sectors so far today
Fixed Line Telecommunications 1,302.94 +1.31%
Banks 2,080.43 +1.30%
Pharmaceuticals & Biotechnology 18,095.10 +1.07%
Mobile Telecommunications 2,696.16 +0.99%
General Industrials 5,396.95 +0.98%
Bottom performing sectors so far today
Technology Hardware & Equipment 2,251.80 -2.39%
Leisure Goods 21,587.08 -1.76%
Automobiles & Parts 3,104.94 -1.30%
Real Estate Investment Trusts 2,495.96 -1.22%
Electronic & Electrical Equipment 8,854.33 -1.08%
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