LONDON (Reuters) - UK blue chips, backed by buoyant mining stocks, were up for their first September trades on Friday after outperforming their European peers with a second consecutive monthly rise in August.
The drugmaker’s shares sank 35 after it said it would appeal against a U.S. court ruling which potentially opens the way to a rival to the firm’s Suboxone Film opiod addiction treatment.
“The company is facing a mammoth struggle now,” said Neil Wilson, a senior market analyst at ETX capital.
Other midcaps suffered blows including Greene King (GNK.L), down 3.8 percent after HSBC cut its rating on the stock and electronics retailer Dixons Carphone (DC.L), which lost 1.7 percent after both Investec and Morgan Stanley took a more negative view on its prospects.
Miners, which had already helped the FTSE stay in positive territory in the previous session, were up with Glencore (GLEN.L) rising 2.1 percent, Antofagasta (ANTO.L) 2.2 percent and Rio Tinto (RIO.L) 0.3 percent.
Provident Financial (PFG.L), which made the headlines in August with a profit warning and the departure of its CEO Peter Crook, saw its shares fall 1.2 percent after Jeffries cut its recommendation from ‘buy’ to ‘hold’.
Reporting by Julien Ponthus; Editing by Richard Balmforth