Drugmakers, Miners Send British Stocks Toward Three-Week Lowby
U.K. equities fell as drugmakers headed for their biggest plunges since February and miners slid for a second day.
Hikma Pharmaceuticals Plc and Shire Plc slid more than 4 percent, leading declines in the FTSE 350 Pharmaceuticals & Biotechnology Index after Democratic presidential candidate Hillary Clinton called a price increase at Mylan NV “outrageous,” renewing concerns about potential drug pricing changes. Glencore Plc dropped 4.2 percent, set for its lowest price in almost seven weeks.
The FTSE 100 Index dropped 0.8 percent at 9:36 a.m. in London, heading for its biggest two-day drop since the aftermath of the Brexit vote in June. The FTSE 250 Index of mid-cap companies lost 1 percent, while the FTSE Small Capitalisation Index Ex Investment Trusts declined 0.3 percent. The regional Stoxx Europe 600 Index fell 1.2 percent.
Among the 16 stocks that rose in the FTSE 100, CRH Plc gained 2.3 percent after reporting that first-half profit more than doubled, beating estimates.