FTSE 100 dragged down by Rio Tinto and healthcare stocks

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FTSE 100 dragged down by Rio Tinto and healthcare stocks

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 FTSE 100 dragged down by Rio Tinto and healthcare stocks
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UK Market: The UK stock market was trading in the negative territory on Thursday, with the blue-chip FTSE100 index losing over 0.3 per cent. Mining giant Rio Tinto was one of the largest drags on the index. Healthcare stocks, including GSK, Haleon, Hikma Pharmaceuticals, and AstraZeneca slumped due to concerns over the Zantac litigation, claiming that the antacid causes cancer. Thus, pharma companies pushed down the overall value of the index.  

 

Rio Tinto plc (LON: RIO): The shares of the Anglo-Australian mining business, Rio Tinto plc, plummeted by 4.05%, with a day’s low of GBX 4,800.50. The fall was led by the company’s shares trading ex-dividend as the market opened for its upcoming interim dividend.

GSK plc (LON: GSK): The shares of the UK-based manufacturer of pharma products, GSK plc, plunged by 8.66%, with a day’s low of GBX 1,421.80. The company has stepped back from making any official comments regarding the lawsuit surrounding Zantac.

Haleon plc (LON: HLN): The shares of the leading consumer healthcare business, Haleon plc, tumbled by 5.51%, with a day’s low of GBX 264.10. Haleon has officially claimed that it is not a party to the ongoing Zantac litigation proceedings.

 

US Markets: The US market is likely to get a decent start, as indicated by the futures indices. S&P 500 future was up by 18.25 points or 0.43% at 4,228.25, while the Dow Jones 30 future was up by 0.49% or 164 points at 33,424.00. The technology-heavy index Nasdaq Composite future was also up by 0.49% or 164 points, at 33,424.00. (At the time of writing – 8:15 AM ET).

 

The shares of the US-based operator of theme parks, Six Flags (SIX), dropped 12.8% in the premarket trading session. This happened after the company reported less-than-expected revenues and profits for the quarter, along with a decline in attendance.

The shares of the American outerwear maker, Canada Goose (GOOS), rallied by 2.4% in premarket trading session. This happened after the company reported better-than-expected revenues and below-expectations loss for the quarter.

 

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 11 August)

                                                                   

                                                                       (Source: Refinitiv)

 

Top 3 Volume Stocks in FTSE 100*: Haleon plc (HLN), Lloyds Banking Group plc (LLOY), Barclay plc (BARC)

Top 3 sectors traded in red*:  Healthcare (-3.58%), Real Estate (-0.97%), Basic Materials (-0.80%),

Top 3 sectors traded in green*:  Energy (1.40%), Consumer Cyclicals (0.35%)

 

London Stock Exchange: Stocks Performance (at the time of writing):

 

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $98.31/barrel and $92.98/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,813.05 per ounce, down by 0.04% against the prior day closing.

Currency Rates*: GBP to USD: 1.2233; EUR to USD: 1.0346.

Bond Yields*: US 10-Year Treasury yield: 2.741%; UK 10-Year Government Bond yield: 1.9675%.

*At the time of writing

 

 

 

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