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London Markets: AstraZeneca rallies while GlaxoSmithKline eases as FTSE 100 slips

London Markets

Prince William, Duke of Cambridge, wears a face mask as a precautionary measure against spreading COVID-19 and talks to a patient participating in a COVID-19 vaccine trial at Oxford Vaccine Group’s facility in Oxford, England, on June 24, 2020.

steve parsons/Agence France-Presse/Getty Images

AstraZeneca and GlaxoSmithKline headed in opposite directions on Monday, as the two heavyweight pharmaceuticals were in the spotlight over vaccine news.



gained 1.6% — off its best levels of the day — as the eagerly awaited study of the University of Oxford vaccine was published.

By one measure, the study said, neutralizing antibody responses were found in everyone who received the vaccine, as it also found the vaccine was safe.

Further clinical studies, including in older adults, should be done with this vaccine, the article said.


meanwhile, weakened 0.2% as the U.K. drugmaker reached a deal worth up to £866 million to take a nearly 10% stake in Germany’s CureVac and fund up to five vaccines.

An AIM-listed stock, Synairgen
jumped 370% after announcing positive results from a trial in hospitalized COVID-19 patients. The odds of developing severe disease during the treatment period were significantly reduced by 79% for patients receiving its SNG001 compared with patients who received placebo, the company said.

The broader FTSE 100

slipped 0.5%, the worst-performing of the major European indexes. Analysts at JPMorgan Cazenove noted the U.K. is by far the worst performing index in dollar terms this year — and in each of the past five years — though they now upgraded the U.K. to neutral from underweight.

The analysts say the worst of the fallout from the reduction in dividends is now over.

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