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July 25, 2019, 7:12 a.m. EDT

Miners and pharmaceutical giants inject life into London markets

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By Callum Keown


Reuters
AstraZeneca led the FTSE 100 risers on Thursday after its second quarter results. REUTERS/Phil Noble//File Photo

London markets made slight gains on Thursday as FTSE 100 miners rebounded and pharma giant AstraZeneca posted strong results.

The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.31%   edged up 0.1%, while the FTSE 250 /zigman2/quotes/210598417/delayed UK:MCX -1.57%   also climbed 0.3%.

What’s moving the markets?

Mining giants, which dragged the FTSE 100 down on Wednesday off the back of falling iron ore prices, rebounded to lift the blue-chip index.

Evraz /zigman2/quotes/202291633/delayed UK:EVR +0.34%   led the risers, while Fresnillo /zigman2/quotes/201300065/delayed UK:FRES -3.15%  , Anglo American /zigman2/quotes/201381512/delayed UK:AAL +0.92%   and Glencore /zigman2/quotes/201400686/delayed UK:GLEN -1.15%   all made gains of more than 1%.

The pharmaceutical sector also drove gains after drugmaker AstraZeneca /zigman2/quotes/203048482/delayed UK:AZN +0.01%   raised sales forecasts for the year after strong sales from its top-selling lung cancer drug as well as success in China.

GlaxoSmithKline /zigman2/quotes/200381158/delayed UK:GSK +1.54%   continued to rise after reporting a 5% revenue rise on Wednesday led by its shingles vaccine.

AJ Bell investment director Russ Mould said: “Pharmaceutical firms and miners gave the index the biggest support, led by a very strong showing from AstraZeneca which has lifted its sales guidance.”

The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.4103%  , which had rallied on Wednesday as Boris Johnson took charge as prime minister and played down the possibility of a no-deal Brexit, remained stable at $1.247.

Which stocks are active?

British engineering company Cobham   soared 35% after agreeing to a £4bn takeover by U.S. private equity firm Advent. The U.K. defence supplier’s shareholders will receive 165p per share in cash, a 34% premium to the closing price on Wednesday.

AstraZeneca shares jumped 5.5% as the British drugmaker raised its sales forecast for the year. Revenue from its best-selling lung cancer drug Tagrisso almost doubled to $784 million in the first half of 2019.

The U.K.’s largest listed tech firm Sage /zigman2/quotes/204528931/delayed UK:SGE -1.07%   plunged 12.2% after reporting a fall in software revenue in the nine months to the end of June. The company also warned that its full-year operating profit margin would be at the lower end of its 23-25% guidance.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,630.52
-20.36 -0.31%
Volume: 997,627
March 5, 2021 4:59p
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/zigman2/quotes/210598417/delayed
UK : FTSE UK
20,961.31
-334.92 -1.57%
Volume: 422,631
March 5, 2021 4:58p
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/zigman2/quotes/202291633/delayed
UK : U.K.: London
585.20 p
+2.00 +0.34%
Volume: 2.10M
March 5, 2021 4:35p
P/E Ratio
12.94
Dividend Yield
6.18%
Market Cap
£8.21 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201300065/delayed
UK : U.K.: London
886.20 p
-28.80 -3.15%
Volume: 1.90M
March 5, 2021 4:35p
P/E Ratio
22.65
Dividend Yield
2.11%
Market Cap
£6.74 billion
Rev. per Employee
N/A
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/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,913.50 p
+26.50 +0.92%
Volume: 3.31M
March 5, 2021 4:35p
P/E Ratio
22.63
Dividend Yield
2.48%
Market Cap
£35.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201400686/delayed
UK : U.K.: London
283.00 p
-3.30 -1.15%
Volume: 31.59M
March 5, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
3.07%
Market Cap
£38.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203048482/delayed
UK : U.K.: London
6,858.00 p
+1.00 +0.01%
Volume: 2.42M
March 5, 2021 4:35p
P/E Ratio
36.20
Dividend Yield
3.02%
Market Cap
£90.01 billion
Rev. per Employee
£272,751
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/zigman2/quotes/200381158/delayed
UK : U.K.: London
1,243.00 p
+18.80 +1.54%
Volume: 9.82M
March 5, 2021 4:35p
P/E Ratio
10.87
Dividend Yield
6.44%
Market Cap
£61.14 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3836
-0.0057 -0.4103%
Volume: 0.0000
March 5, 2021 4:59p
loading...
/zigman2/quotes/204528931/delayed
UK : U.K.: London
590.60 p
-6.40 -1.07%
Volume: 3.98M
March 5, 2021 4:35p
P/E Ratio
20.96
Dividend Yield
2.92%
Market Cap
£6.55 billion
Rev. per Employee
£163,390
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