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Hikma tumbles 12.3% as FTSE 100 rises FTSE 100 rises as banks recover
(about 5 hours later)
(Noon): Pharmaceuticals firm Hikma was the biggest loser on London's main share index after it lowered its offer for US firm Roxane Laboratories. (Close): London's leading shares gained ground on Wednesday, as a sharp rebound in Deutsche Bank shares provided some respite for banking stocks.
Hikma said that following due diligence, it was reducing its offer by $535m. The news sent its share price tumbling 12.3%. The FTSE 100 closed up 36.34 points, or 0.7%, at 5,668.53. HSBC was up 1.9%, while Barclays was 1.3% higher.
Overall, the benchmark FTSE 100 index was up 58.2 points or 1.03% at 5,690.39. Payments firm Worldpay Group rose 5.7% following a buy recommendation from Goldman Sachs, while British Airways owner IAG was up 4.8%.
Insurance firm Prudential was the biggest gainer, rising 6.5%. On the downside, mining stocks performed poorly.
Mining stocks fared less well, with Glencore down 3.1% and Randgold Resources sliding 3%. Randgold Resources slid 3.5%, Antofagasta fell 3.1%, while Fresnillo closed 2.7% lower.
Another faller was chipmaker ARM Holdings, which shed 1.4% despite a 17% rise in fourth-quarter profit. On the commodities markets, Brent crude was up 1.5% to $30.76, while US light crude fell 1.3% to $27.57.
The firm reported profits of £138.7m, slightly ahead of market expectations. On the currency markets, the pound was unchanged against the dollar at $1.4474 and 0.6% higher against the euro at €1.2886.
On the commodities markets, Brent crude was up 1.7% to $30.84, while US light crude rose 1.8% to $28.45.
On the currency markets, the pound was up 0.43% against the dollar at $1.4534 and 0.83% higher against the euro at €1.2922.