London’s FTSE 100 was up 0.7% at 7,587.10 in afternoon trade on Tuesday.
AstraZeneca was the standout gainer on the index after it said its cancer drug Lynparza used in combination with a common hormone therapy prolonged the life of end-stage prostate cancer treatments compared with the current treatment.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: “There has been a jolt of confidence in AstraZeneca today after encouraging results of a phase 3 trial for a prostate cancer drug.
“It showed a delay in the progression of the disease when used alongside hormone therapy. The development has been met with cheer by investors, and is fresh evidence its oncology business is on a successful streak. Oncology sales are higher margin, and revenues have already risen 17% over the past full year, so news of added potential in the pipeline is very encouraging.”
Russian steelmaker Evraz was also a high riser, having tanked more than 30% on Monday amid worries about tensions between Russia and Ukraine.
BA and Iberia owner IAG also gained ground after heavy losses in the previous session.
Precious metals miner Fresnillo was weaker as gold prices eased back. Oanda analyst Craig Erlam said: “Soaring demand for gold in recent days has cooled after Russia confirmed the planned withdrawal of some troops; the first sign of de-escalation on the Ukrainian border amid warnings of an invasion. The yellow metal was boosted by a combination of its safe-haven reputation and its inflation hedge qualities as oil and gas prices spiked.
“It peaked earlier today around $1,880 but now finds itself testing $1,850, a level that prior to the invasion warnings on Friday had been a notable level of resistance.”
FTSE 100 – Risers
AstraZeneca (AZN) 8,804.00p 5.05%
Evraz (EVR) 329.30p 4.37%
Melrose Industries (MRO) 158.55p 4.31%
Ocado Group (OCDO) 1,355.00p 4.19%
Airtel Africa (AAF) 149.70p 3.74%
International Consolidated Airlines Group SA (CDI) (IAG) 170.40p 3.40%
Rightmove (RMV) 642.00p 3.08%
Dechra Pharmaceuticals (DPH) 3,870.00p 2.87%
Experian (EXPN) 2,943.00p 2.72%
Informa (INF) 624.20p 2.60%
FTSE 100 – Fallers
Fresnillo (FRES) 642.80p -3.45%
Anglo American (AAL) 3,527.00p -2.50%
Flutter Entertainment (CDI) (FLTR) 10,915.00p -1.93%
Rio Tinto (RIO) 5,646.00p -1.33%
Reckitt Benckiser Group (RKT) 5,864.00p -0.69%
BP (BP.) 398.15p -0.62%
Whitbread (WTB) 3,183.00p -0.56%
DCC (CDI) (DCC) 6,334.00p -0.38%
BAE Systems (BA.) 597.80p -0.37%
HSBC Holdings (HSBA) 556.60p -0.29%
