Sector movers: GSK leads defensive pharma stocks higher

4th Feb 2015 14:35

A massive cash return by Glaxosmithkline gave the wider sector a lift on Wednesday, with defensive healthcare and pharmaceutical stocks also benefiting from a reduction in risk appetite as UK markets pulled back from a five-month high.Sales, profits and earnings slumped during the fourth quarter of the year at GSK due to headwinds in the US market, though the company pleased investors after confirming it would return £4bn cash from its deal with Novartis.The company also posted a dividend of 80p, a rise of 3%, and said it expected to maintain it at the same level in 2015.Glaxosmithkline's shares were up 1.1% at 1,468.5p.Meanwhile, healthcare outsourcer Synergy Health was also advancing 0.7% after saying it was on track to hit full-year forecasts as growth momentum picked up strongly in the third quarter.Sector giant Astrazeneca also gained, along with Hikma Pharmaceuticals, Consort Medical and Skyepharma, as defensive sectors such as pharmaceuticals rose amid a wider market decline.Pharma stocks have underperformed over the last few sessions as strong gains on the back of easing concerns over Greece pushed risk assets such as miners and oil producers higher. The FTSE 100 reached its highest close since early-September 2014 on Tuesday.Top performing sectors so far todayPharmaceuticals & Biotechnology 13,488.72 +1.14%Technology Hardware & Equipment 1,245.55 +1.11%Software & Computer Services 1,305.71 +0.41%Construction & Materials 4,637.12 +0.26%Electronic & Electrical Equipment 3,990.66 +0.25%Bottom performing sectors so far todayOil Equipment, Services & Distribution 16,336.00 -3.09%Industrial Metals & Mining 1,669.36 -2.81%Oil & Gas Producers 7,313.61 -2.02%Mining 14,227.96 -1.75%Food Producers & Processors 8,069.40 -1.56%