The UK benchmark index has climbed higher in today’s session, recouping some of the ground lost yesterday, when sentiment was pressured by concerns over Donald Trump’s presidency. In individual movers, shares in Hikma Pharmaceuticals (LON:HIK) have been sold off after a downbeat trading update, while Experian (LON:EXPN) has lost ground as Jefferies trimmed its rating on the stock.
As of 12:29 BST, the Footsie had added 29.81 points to stand 0.40 percent higher at 7,466.23. Today’s move higher follows a volatile week which saw the blue-chip index surpass the 7,500-point level, and then pull back amid concerns that Donald Trump had tried to interfere in a federal investigation after he fired FBI director James Comey. The index remains on track for about a 0.40-percent gain for the week.
In individual movers, shares in Hikma have lost 5.12 percent to 1,613.00p so far today after the blue-chip drugmaker trimmed its revenue forecasts for the current year, after disclosing earlier this month that it was facing a delay in the approval of its generic version of GlaxoSmithKline’s (LON:GSK) respiratory drug Advair.
Experian has been another prominent Footsie faller after Jefferies lowered its stance on the stock from ‘buy’ to ‘hold’ and trimmed its valuation on the shares from 1,670p to 1,550p. Sharecast quoted the analysts as explaining that US credit momentum was slowing and that it was unclear whether Consumer Services could revive after more than two years of disruption.
“We see limited near term upside to estimates without acquisitions and, with valuation multiples at cycle highs, there is no longer enough upside to merit a buy,” the broker pointed out. Experian’s share price is currently 1.87 percent worse off at 1,629.00p.
The FTSE 100 index was 0.38 percent up at 7,464.83 points as of 12:45 BST on Friday, 19 May 2017.