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Tuesday 02nd of December 2008
June 15, 2006

FTSE 250 gains 3.6 percent


by Elaine Frei

After three consecutive days of losses, the London equities markets were higher on Thursday. The FTSE 100 gained 2 percent to 5,619.3 on gains in the mining sector. Meanwhile, the FTSE 250 added 3.6 percent to 9,101.8 for its second-largest daily percentage gain so far this year.

The pharmaceuticals sector was mixed based on sales data. Shire Pharmaceuticals added 6.7 percent to 747p after it was revealed that its attention deficit hyperactivity disorder drug, Adderall XR, is selling well in the United States. However, GlaxoSmithKline dropped 1 percent to £14.58 on data showing that sales of its diabetes drug Avandia had fallen 14 percent in May, while sales of Advair, for the treatment of asthma, was down 4.4 percent during the month.

Miners Vedanta and Lonmin were up as metal prices were up and as institutional investors sought to purchase shares before both companies move from the FTSE 250 to the FTSE 100 next week. Vedanta added 13.5 percent to £12.56, while Lonmin gained 7.1 percent to £24.45.

Among miners already included in the 100, Anglo American was up 7.1 percent to £19.89 on an upgrade to “buy” from Merrill Lynch. BHP Billiton gained 7.2 percent to 982p, while Xstrata added 7.9 percent to £19.66.

Supermarket chain William Morrison dropped 1 percent to 194½p on comments from Sanford Bernstein that called its stock overvalued.

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Story link: FTSE 250 gains 3.6 percent


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