Home news Drugmaker Glaxo drags down FTSE 100

Drugmaker Glaxo drags down FTSE 100

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Drugmaker GlaxoSmithKline was the biggest faller on the FTSE 100, despite seeing a rise in third-quarter sales and profits.The pharmaceutical giant’s advice that it remained on course for its full-year earnings guidance failed to stop shares sliding 5.9%.Overall, the FTSE 100 closed down 1.05% or 79.33 points at 7,447.21.The pound rose 0.95% against the dollar to $1.3260. It also gained ground on the euro, rising 0.58% to €1.1231.Sterling pushed higher after the first estimate of UK growth in the third quarter was slightly higher than expected.Economists are betting that the data will spur the Bank of England to raise interest rates next week.With a 4.3% fall, copper miner Antofagasta was the second-biggest loser on the 100-share index..Antofagasta controls one of the world’s biggest copper mines, Los Pelambres in central Chile.Analysts said there was some disappointment about its forecast for copper production in 2018. Meanwhile, shares in Lloyds Banking Group reversed early losses to rise 1%, following its latest trading update.Profits jumped to £1.95bn with the company opting not to set aside any further funds to cover the mis-selling of payment protection insurance.
Source: BBC