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FTSE 100 movers: Astra rallies but Evraz hit by triple whammy of news
London's FTSE 100 was up 0.8% to 7,838.09 in afternoon trade on Thursday, surging to a fresh record as the pound slumped and investors welcomed an easing tensions between the US and China.
Pharmaceuticals giant AstraZeneca rallied after saying it has received US regulatory approval for its Lokelma treatment for hyperkalaemia, an increased level of potassium levels in the blood suffered by many people with chronic kidney disease and heart disease. It also announced that it had submitted a new drug application in Japan for a diabetes treatment, following recent approval in Europe.
Marks & Spencer - which is in danger of being kicked out the FTSE 100 in the next review - was in the black amid reports the retailer is planning on announcing a further 40 store closures ahead of its annual results on Wednesday, which are expected to reveal another drop in profits.
On the downside, Russian steelmaker Evraz was under the cosh following a downgrade to 'underperform' from 'outperform' at Credit Suisse after a strong run.
"Since the beginning of 2018 Evraz has been our top pick in Russian steel. Now the reason for downgrade is valuation as we believe that, at the current share price the margin of safety for investors is too thin," the bank said.
Losses for the stock also coincided with news that the visa of Russian oligarch and Chelsea football club owner Roman Abramovich - who also co-owns Evraz - has expired. According to reports, British authorities have not issued him with a new one yet.
Also on Monday, a report by the UK's foreign affairs committee found that London is being used as a "base for the corrupt assets" of individuals linked to Russian President Vladimir Putin and the Kremlin.
FTSE 100 - Risers
AstraZeneca (AZN) 5,402.00p 3.07%
3i Group (III) 1,018.50p 2.98%
Burberry Group (BRBY) 1,982.50p 2.61%
Sainsbury (J) (SBRY) 312.90p 2.42%
Royal Mail (RMG) 558.20p 2.31%
Coca-Cola HBC AG (CDI) (CCH) 2,638.00p 2.09%
Marks & Spencer Group (MKS) 297.70p 2.06%
Just Eat (JE.) 849.40p 1.97%
Croda International (CRDA) 4,726.00p 1.74%
Ashtead Group (AHT) 2,335.00p 1.65%
FTSE 100 - Fallers
Evraz (EVR) 492.00p -2.03%
British American Tobacco (BATS) 3,764.50p -0.93%
Randgold Resources Ltd. (RRS) 5,760.00p -0.93%
Standard Chartered (STAN) 746.30p -0.53%
Mondi (MNDI) 2,068.00p -0.39%
Rolls-Royce Holdings (RR.) 854.00p -0.37%
Mediclinic International (MDC) 662.60p -0.27%
Micro Focus International (MCRO) 1,359.50p -0.26%
Reckitt Benckiser Group (RB.) 5,935.00p -0.25%
British Land Company (BLND) 692.08p -0.13%