LONDON: was beset by political worries and corporate gloom for the best part of the reported week, despite the rally early on in the week. Norman Lamont, the UK Chancellor, ruled out another early cut in interest rates. The worst trading session of the year was experienced when the FT-SE Index fell nearly 40 points. The plunge in the Nikkei average spurred on the decline in London as the week closed. Imperial Chemical Industries' share price plummeted when the analysts cut back on their forecasts after a meeting with the company (see page 3). This caused fresh doubts about UK company progress. Glaxo's share price also tumbled as news broke of increased competition for its antimigraine product, Imigran (sumatriptan), from the Swiss company Sandoz. Wellcome's share price was another decliner in the UK ahead of the announcement of the size of its share flotation (see page 2).
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London Stock Comment
LONDON: was beset by political worries and corporate gloom for the best part of the reported week, despite the rally early on in the week. Norman Lamont, the UK Chancellor, ruled out another early cut in interest rates. The worst trading session of the year was experienced when the FT-SE Index fell nearly 40 points. The plunge in the Nikkei average spurred on the decline in London as the week closed. Imperial Chemical Industries' share price plummeted when the analysts cut back on their forecasts after a meeting with the company (see page 3). This caused fresh doubts about UK company progress. Glaxo's share price also tumbled as news broke of increased competition for its antimigraine product, Imigran (sumatriptan), from the Swiss company Sandoz. Wellcome's share price was another decliner in the UK ahead of the announcement of the size of its share flotation (see page 2).
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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