Business | Markets
Britain's FTSE 100 index marks biggest weekly rise after recent losses
UK benchmark records gains in pharmaceuticals and banks, after publication of report on generic competition and anticipation of bailout .
- Reuters
- Published: 23:31 November 29, 2008
London: Britain's leading share index ended up 1.5 per cent on Friday, marking its biggest weekly rise after recent heavy losses as gains in drugmakers and banks outweighed weakness in miners.
The FTSE 100 was up 61.91 points at 4,288.01 in a choppy session despite falling as much as 0.8 per cent during the session.
Performing sectors
The UK benchmark gained 13.4 per cent over the week but is still down 33 per cent for the year on fears of a severe global recession. Pharmaceuticals were the best-performing sector after the publication of a long-anticipated EU report on generic competition.
Competition Commissioner Neelie Kroes said preliminary results of a year-long probe showed competition in the pharmaceuticals industry did not work as well as it should.
However, the lack of specific penalties allowed drugmakers to recover recent losses, traders said. AstraZeneca, GlaxoSmith-Kline and Shire gained between 5.1 and 6.2 per cent.
Banks were also firmer, with the FTSE 350 banks index up 2.2 per cent on hopes the sector's woes could be easing as a UK government bailout bears fruit.
Barclays, HSBC, Lloyds TSB and Standard Chartered advanced between 1.3 and 10 per cent.
British retail sales plunged in November at their joint-fastest pace since records began 25 years ago.
A growing number of Britons predicted prices would fall next year.
Share this article
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
