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Market News

19 Dec 2018 | 11:52

GSK helps inject some optimism ahead of US rates decision

The FTSE 100 was gathering strength by midday, up 0.9% to 6,762.04, investors hoping today's expected rate hike from the US Federal Reserve will be accompanied by guidance for a slower pace of increases going forward.

US futures markets predicted a higher open on Wall Street and European markets were also trading higher too.

Pharmaceutical giant GlaxoSmithKline rallied 7.6% to £15.58 after it announced the formation of a new consumer healthcare joint venture with Pfizer that could be listed separately on the stock exchange.

Rival drug company Shire gained 2.2% to £44.67.

LARGE AND MID CAP RISERS AND FALLERS

Online gambling group 888 gained 7.4% to 182.5p on announcing that it remained confident that adjusted earnings for the full year would be in-line with its expectations, citing progress against strategic objectives in the second half.

SMALL CAP RISERS AND FALLERS

Flybe shares rocketed 13.2% higher to 17.2p after Virgin Atlantic confirmed that it was still mulling a takeover of the UK regional carrier.

Oil rig maintenance vessel outfit Gulf Marine Services tumbled 72% to 9.2p after it warned it would breach its debt covenants amid pressure on earnings from an industry oversupply of vessels.

Silence Therapeutics rallied 5.5% to 57.8p on announcing that it had identified a new potential treatment candidate for cardiovascular disease.

James Fisher and Sons added 0.7% to £17.12 after it won a £30m contract to construct a search and rescue vessel for the Korean navy.

Embattled power retailer Yu Group plunged another 28.9% to 76.4p on the back of revelations it is being investigated by the UK's Financial Conduct Authority over the accuracy of its market filings.

Renewable fuels group Velocys gained 10% to 4.45p as it secured a site for its UK waste-to-jet-fuel project, being developed in collaboration with British Airways and Shell.

Story provided by StockMarketWire.com
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