FTSE 100 Consolidates Gains But Miners Struggle

Thursday, 29th March 2018

The UK’s leading index performed well, while US markets got off to a weak start. Meanwhile, the FTSE 250 shed more than 32 points, to end the day at 19,356.

Strength in the pharmaceuticals sector benefited the FTSE 100, with news of a potential takeover bid for Shire helping the sector as a whole. Shire, AstraZeneca and GlaxoSmithKline all performed well. Takeda’s interest in Shire came not long after GlaxoSmithkline bought Novartis from a consumer health joint-venture. The news of the potential bid was welcomed. The pharmaceuticals industry has enjoyed a rally over the last five days, and has actually been trending up over the last 30 days, outperforming the broader FTSE 100.

The Sterling has gained 0.11 percent against the euro, but is down by 0.36 percent against the dollar.

Meanwhile, in the American markets, there has been a lot of weakness in the tech sector. Facebook staged a small rally after having had a difficult few days thanks to the fears over privacy issues. The social media giant had shed 14% thanks to the backlash over how the company handled private user data. Fellow tech giant Amazon also struggled, and there was weakness in the mining sector too, which affected FTSE 100 listed giants including Rio Tinto and Antofagasta.

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