London Report: Investors brush off Glaxo fraud probe as FTSE edges up
BRITAIN’S top shares edged up yesterday, with pharma giant Glaxosmithkline’s stock falling by only a relatively modest amount after the UK fraud office launched a criminal investigation into its commercial practices.
The FTSE 100 closed up 6.28 points, or 0.1 per cent, at 6,851.22 points.
The drugmaker fell 1.6 per cent on news of the probe, which poses a new challenge for the firm, already facing claims of bribery in China and four other countries.
Among other big movers, Smith & Nephew jumped 17.5 per cent to a record high of 1,120p on rumours
US medical devices maker Stryker intended to bid for its British rival.
However, the shares lost ground after Stryker’s denial to close up just 4.3 per cent.
Meanwhile, gold fell to a three-and-a-half month low yesterday, dropping to $1,260.74 an ounce, its weakest since early February, before steadying at $1,264.70.
The precious metal slid 2.3 per cent in the previous session – its biggest one-day fall since December.