Business

Hikma tumbles 12.3% as FTSE 100 rises

  • 10 February 2016
  • From the section Business
London stock brokers (file photo) Image copyright AFP

(Noon): Pharmaceuticals firm Hikma was the biggest loser on London's main share index after it lowered its offer for US firm Roxane Laboratories.

Hikma said that following due diligence, it was reducing its offer by $535m. The news sent its share price tumbling 12.3%.

Overall, the benchmark FTSE 100 index was up 58.2 points or 1.03% at 5,690.39.

Insurance firm Prudential was the biggest gainer, rising 6.5%.

Mining stocks fared less well, with Glencore down 3.1% and Randgold Resources sliding 3%.

Another faller was chipmaker ARM Holdings, which shed 1.4% despite a 17% rise in fourth-quarter profit.

The firm reported profits of £138.7m, slightly ahead of market expectations.

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.