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Friday 21st of November 2008
April 22, 2005

London moving higher on Wall Street optimism


by Brian Turner
London moving higher on Wall Street optimism

London markets had moved higher at the end of the morning on Friday after an overnight rally on Wall Street and in the wake of optimistic investor sentiment after several recent positive first quarter earnings reports.

The FTSE 100 was up 0.4 percent to 4,840.6 and the FTSE 250 rose 0.5 percent to 7,005.9.

Shire Pharmaceuticals was the biggest loser on the FTSE 100, falling 2.5 percent after announcing on Thursday that it had agreed to acquire rival Trankaryotic Therapies.

The deal got a mixed reaction as TKT is currently suffering losses; Credit Suisse First Boston downgraded Shire from “outperform” to “neutral” but Deutsche Bank analysts felt that the acquisition could be advantageous to Shire.

In the technology sector, Spirent fell another 3.9 percent after its Thursday profit warning. Hit Entertainment fell 2.2 percent on the news that one potential buyer of the children’s entertainment company had pulled out of competition for the company.

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