Shire, Glaxo Push U.K. Stocks to 2-Month High Amid Stimulus Newsby
A rally in drugmakers sent Britain’s stocks to a two-month high, with the jump intensifying after China said it stepped up its stimulus.
Shire Plc climbed 4.4 percent after reporting quarterly profit that beat estimates and pledging to continue its pursuit of Baxalta Inc. GlaxoSmithKline Plc rose 2.4 percent after European regulators recommended a lung drug. HSBC Holdings Plc advanced 2.5 percent, the most since Oct. 5.
The FTSE 100 Index added 1.1 percent at the close of trading in London, taking its weekly gain to 1 percent and ending at its highest level since Aug. 18. The broader FTSE All-Share Index increased 1.1 percent, while Ireland’s ISEQ Index added 1.7 percent.
Pearson Plc lost another 5.2 percent, closing at a five-year low, after Exane BNP Paribas downgraded the education company to neutral from buy. BG Group Plc and Royal Dutch Shell Plc fell with oil.