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Saturday 25th of July 2009
July 22, 2009

Bayer, Onyx Pharmaceuticals gain on positive drug trials news


by Elaine Frei
Bayer, Onyx Pharmaceuticals gain on positive drug trials news

European equities markets were higher Wednesday on gains in the pharmaceuticals sector after Bayer (FWB: BAY; TYO: 4863) said that the breast cancer drug it is developing with Onyx Pharmaceuticals (NAS: ONXX) has shown promising results in a Phase II study.

Bayer added 2.15 percent on the session while Onyx Pharmaceuticals (NAS: ONXX) was up on the Nasdaq.

The FTSE 100 was up 0.28 percent to 4,493.73 in London, while the FTSE 250 was 0.66 percent higher to 7,794.05.

The FTSE Eurofirst 300 was up 0.04 percent to 888.54 while the CAC-40 added 0.07 percent to 3,305.07, the IBEX was 0.31 percent higher to 10,153.4 and the Dax gained 0.54 percent to 3,305.07.

Markets in the Asia-Pacific region were mixed.

In Tokyo the Nikkei 225, which has gined over 7 percent in the past six sessions, was up 0.74 percent to 9,723.16 while the Topix index added 0.56 percent to 906.58 and the Mothers market was 0.9 percent higher to 446.92.

Australia’s markets were also higher, as the S&P/ASX200 added 0.44 percent to 4,068.5 and the Sydney Ordinaries gained 0.51 percent to 4,068.9.

The Kospi was up 0.34 percent to 1,494.04, the Taiex added 0.46 percent to 6,985.32, and the Shanghai Composite gained 2.6 percent to 3,296.62.

Decliners included the Straits Times Index, which fell 0.14 percent to 2,450.83 while the Hang Seng was down 1.3 percent to 19,248.17 and the Sensex dropped 1.46 percent to 14,843.12.

At nearly 1 p.m. in New York, the Dow Jones Industrial Average was up 0.36 percent to 8,948.44 while at the same time the Nasdaq Composite was 0.94 percent higher to 1,934.12 and the S&P 500 had added 0.53 percent to 959.67.

Crude oil prices were mixed after the EIA reported last weeks inventories numbers, with West Texas Intermediate crude prices down while Brent crude saw gains.

Metals and grains prices were also mixed on the session.

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