FTSE ends week up with pharmaceuticals and tobacco boosting

Britain's top share index finished the last session of the week on a high, as drug firms and tobacco companies helped prop the index up in what has been a difficult week of trading. By the close of trade, the FTSE 100 index was up 0.5 per cent at 5996, but not able to break through 6000, following Thursday's low of 5963.

Chris Bradshaw
shareprices.com - Sunday, April 17, 2011

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The pharmaceutical sector was lifted by a court injunction on a generic migraine drug being marketed in the US, leading to a rise of 1.4 per cent for GlaxoSmithKline.

The tobacco industry was another point of strength for the index, with industry experts citing good value for money and possible bid activity in the market. British American Tobacco and Imperial Tobacco were two notable rising, climbing by 1.3 and 1.9 per cent respectively.

The bookies also had a good day with Ladbrokes adding 7 per cent as rumours circulated about a failed takeover bid for its online competitor 888, with William Hill following suit and rising by 5.7 per cent.

Vodafone was another of the day's key performers, adding 1.6 per cent as an Indian court ruled that the mobile phone firm should not face a tax bill in India for its 2007 acquisition of shares in a fellow mobile firm.

However, the banks had a poor day as the first wave of results coming from the US showed vulnerability and Ireland saw its credit status slashed by two notches. The combined effect left investors twitchy with losses across the board, including Royal Bank of Scotland shedding 2 per cent.

 

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