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20 Aug, 2020 01:41

Sector movers: M&A news-flow continues to boost pharma and biotech names

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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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Important Legal Notice about News Sources

 

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.