FTSE 100 Hits Highest Close for 18 months

The FTSE 100 index more or less marked time for most of the day, but did manage to close up 6.96 points or 0.1% at 5,606.72, in so doing hitting its highest closing level since early September 2008, before the abrupt demise of Lehman Brothers in the US later that month. At that time, the FTSE 100 index tumbled 212.5 points or over 4% wiping over £50 billion off share values.

Dominic Turner
shareprices.com - Tuesday, March 09, 2010

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Petrofac, facilities and infrastructure provider to the oil and gas industry, was a major riser, gaining 44p or 4.10% to 1,116p, after reporting a 25% increase in pre-tax profits to $447.5 million (£297 million) and a 10% increase in revenue to $3.65 billion (£2.4 billion) in 2009, slightly ahead of market expectations.

At the other end of the market, pharmaceutical companies were the main sufferers with AstraZeneca, GlaxoSmithKline and Shire all in negative territory. AstraZeneca, one of the leading pharmaceutical companies in the world, voiced its disappointment that its cancer drug Recentin had failed to meet the primary endpoint in a head-to-head clinical trial against Avastin, produced by rival Roche and used in the treatment of metastatic colorectal cancer amongst others; its share price fell 42.5p or 1.42% to 2,953p.

GlaxoSmithKline, which is changing its focus to emerging markets, consumer healthcare and vaccines under CEO Andrew Witty was down 2.5p or 0.2% to 1,236p and was joined in the doldrums by Shire, down 5p or 0.34% to 1,467p.

 

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