FTSE 100 movers: Pharmaceuticals rally; gambling stocks slump again

London’s FTSE 100 was 0.8% higher at 9,428.80 in afternoon trade on Wednesday.

Source: Sharecast

Pharmaceuticals were the standout gainers, with AstraZeneca, Hikma and GSK all sharply higher after Pfizer struck a deal with US President Donald Trump to cut US drug prices.

As part of the deal, in exchange for Pfizer committing to a $70bn investment in manufacturing and research in the US, it will be exempt from pharmaceutical tariffs for three years.

Trump announced plans on Tuesday to launch a government-run website, dubbed TrumpRx, for consumers to buy drugs directly from manufacturers.

Kathleen Brooks, research director at XTB, said: "Tariffs is the theme that won’t go away, and when the tariff news is positive, this is good for the FTSE 100 due to its international flavour. Thus, signs that President Trump is willing to forego tariff revenue for domestic pricing deals, is seen as positive for the sector.

"The Pfizer news highlights the transactional nature of the President’s tariff policies. Even though he threatened 100% tariffs on pharma imports last week, the Pfizer news shows that deals can still be made.

"Added to this, the US has unveiled a new drug buying site, TrumpRX, which has also excited investors. It is difficult to see how this new website will impact pharma company revenues, and we think that the tariff reprieve for Pfizer will have a longer-term impact on the pharma sector."

JD Sports was also in the black after Nike’s first-quarter earnings beat expectations.

On the downside, Flutter Entertainment and Ladbrokes owner Entain fell again, having slumped on Tuesday after Chancellor Reeves hinted in an interview with ITV News that she could announce tax rises for the sector in the November budget.

FTSE 100 - Risers

AstraZeneca (AZN) 11,962.00p 7.17%
Hikma Pharmaceuticals (HIK) 1,777.00p 4.89%
JD Sports Fashion (JD.) 99.54p 4.55%
GSK (GSK) 1,623.00p 3.27%
Intertek Group (ITRK) 4,816.00p 2.12%
Croda International (CRDA) 2,748.00p 1.81%
Diageo (DGE) 1,806.00p 1.80%
London Stock Exchange Group (LSEG) 8,648.00p 1.55%
Spirax Group (SPX) 6,895.00p 1.47%
Pearson (PSON) 1,071.00p 1.42%

FTSE 100 - Fallers

Babcock International Group (BAB) 1,287.00p -3.23%
Flutter Entertainment (DI) (FLTR) 18,955.00p -2.22%
Coca-Cola HBC AG (CDI) (CCH) 3,430.00p -2.17%
Tesco (TSCO) 436.20p -2.04%
Imperial Brands (IMB) 3,096.00p -2.03%
BAE Systems (BA.) 2,023.00p -1.75%
Auto Trader Group (AUTO) 776.80p -1.62%
Entain (ENT) 861.40p -1.46%
Pershing Square Holdings Ltd NPV (PSH) 4,554.00p -1.43%
Rolls-Royce Holdings (RR.) 1,176.50p -1.18%

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