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FTSE rises on Chinese exports, while GlaxoSmithKline boosted by break-up hopes

Discussion in 'Market News' started by Lily, Jan 13, 2016.

  1. Lily

    Lily Forum Member

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    Mining shares lifted by China with markets calmer after recent volatility

    Leading shares are heading north after better than expected Chinese trade data, especially exports, and despite yet another fall in that country’s stock market.

    Oil has recovered after US crude went below $30 a barrel briefly, with Brent now up 2.5% at $31.65.

    Witty has [reportedly] stated at the JP Morgan conference that he is willing to consider suggestions made by investors to break up the company. A number of analysts and investors have been on record as stating their belief that value accretion would be greater if investors had more visibility of the different divisions of the company. However, any break up wouldn’t happen for at least a year or two, as the company continues integration after its deal last year with Novartis that created market-leading businesses in vaccines and consumer health....Glaxo has been pursuing a strategy of diversification, in contrast to rivals such as AstraZeneca who have decided to focus on smaller, core areas.

    Separately, Glaxo is also facing tougher competition in the US as Mylan filed for the first generic version of Glaxo’s blockbuster Advair, with the patent having expired in 2010. Advair is Glaxo’s leading respiratory drug, accounting for 13% of group sales in the third quarter of 2015 and 50% of those sales were in the US.

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