Index down by 105 points

Jun 19 2008 by Graeme King, The Journal

A DEPRESSED FTSE 100 closed 105 points down at 5756.9 as the latest commodities charge came to a halt and the index was dragged down by pessimistic expectations for the economy.

Pharmaceuticals GlaxoSmithKline and AstraZeneca both jumped yesterday following the UK Government’s renegotiation of the Pharmaceutical Price Regulation Scheme; the agreement between the NHS and major drug suppliers over the prices paid.

The new agreement resulted in a commitment on the part of the Government to support innovation and speed up the process of clinically approving new drugs.

AstraZeneca jumped 12p to close at 2109p at the news, while GlaxoSmithKline climbed 22p to 1102p – a 2.04% leap following the UK Government’s decision to provide the firm’s Cervarix cervical cancer vaccine as part of its immunisation programme.

The losers’ list which weighed heavily on the index was topped by house builder Persimmon which fell heavily to close 33.5p down at 379.5p.

Ian McElroy Investment Manager

Barclays Wealth