FTSE 100 movers: AstraZeneca rises on drug recommendation, TUI sinks

22nd Nov 2013 15:19

Shares in biopharmaceutical business AstraZeneca received a boost on Friday afternoon after the company, alongside sector peer Bristol-Myers Squibb, announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) had recommended approval of Xigduo, a treatment for adult type two diabetic patients. Tullow Oil was also higher after it reported a fifth oil discovery onshore northern Kenya. The Agete-1 exploration well, in which Tullow has a 50% interest, has an estimated 100 metres of net oil pay in good quality sandstone reservoirs. The group also reported that elsewhere in Kenya, exploration and appraisal activities continued to accelerate with the Amosing-1 well expected to commence drilling before the end of November. Whitbread climbed after it was raised to overweight from neutral at JP Morgan, while Morrison also climbed after its 'buy' rating was reitered over at Bank of America. TUI Travel shares have come off recent highs after Norwegian investor John Fredriksen sold off his 5.4% stake in the group - although he upped his stake in its parent company to over 20%. Mining stocks were also lower, with Fresnillo, Vedanta, BHP Billiton, Antofagasta, Rio Tinto, and Glencore Xstrata all registering losses by this afternoon. Investment Manager at Redmayne-Bentley, Tim Whitehead, was widely quoted as saying: "The general consensus seems to be that the big miners might find their earnings under pressure as costs remain static and perhaps commodity prices gradually weaken. There has been a little bit of rotation out of the mining sector."With the Dow and the S&P 500 hitting new highs this week, a little bit of caution is creeping in. The market is in a tight range. However, it seems to be reasonably underpinned. We could see good demand at pullbacks." The declines could also be linked to caution over the possibility of some tightening of short-term money conditions by the People's Bank of China, as well as indications that yields in Chinese debt capital markets are heading higher - ironically as a result of reforms. FTSE 100 - RisersARM Holdings (ARM) 992.00p +2.90%Whitbread (WTB) 3,478.00p +2.84%Travis Perkins (TPK) 1,804.00p +1.86%WPP (WPP) 1,371.00p +1.71%AstraZeneca (AZN) 3,455.50p +1.62%Standard Life (SL.) 350.90p +1.59%Persimmon (PSN) 1,216.00p +1.59%International Consolidated Airlines Group SA (CDI) (IAG) 365.20p +1.44%GKN (GKN) 372.60p +1.44%William Hill (WMH) 369.80p +1.29%FTSE 100 - FallersTUI Travel (TT.) 362.20p -6.96%Fresnillo (FRES) 843.50p -2.32%Vedanta Resources (VED) 902.50p -2.22%Aberdeen Asset Management (ADN) 476.80p -2.09%BHP Billiton (BLT) 1,874.00p -1.86%Antofagasta (ANTO) 784.00p -1.63%Rio Tinto (RIO) 3,203.50p -1.32%Glencore Xstrata (GLEN) 311.15p -1.30%United Utilities Group (UU.) 666.50p -1.04%Tate & Lyle (TATE) 796.00p -0.99%NR