This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

European Stocks Rise, Led by Pharma Sector News

LONDON (The Deal) -- The main European markets opened in buoyant mood after the Easter break, following the positive close on Wall Street on Monday. With the Ukraine crisis never far from the news, Moscow's Micex Composite was down 0.45% at 1,338.93 at the end of the morning in Russia. But elsewhere the markets scented the return of animal spirits to the pharma sector, which led the risers in London, Frankfurt, Paris and Zurich.

A three-way, multibillion dollar deal between Switzerland's Novartis (NVS - Get Report), Britain's GlaxoSmithKline (GSK) and U.S. peer Eli Lilly(LLY) was where the real excitement lay . Novartis will spend up to $16 billion buying GSK's cancer drug assets, and sell Glaxo its vaccines business for $7.1 billion plus royalties. Eli Lilly will buy Novartis' animal health division for $4.5 billion.  By late morning, Novartis was up 2.41% at Swiss francs 76.5; GSK was up 5.52% at 1,645 pence and, ahead of the New York open, Eli Lilly was trading in Frankfurt up 2.07% at 44.21 eurps.

That was only part of the pharma action this morning. Shares in the U.K's AstraZeneca (AZN - Get Report) were up 6.56% at 4,029 pence on speculation of a $101 billion takeover offer from Pfizer (PFE), and other pharma stocks were similarly supported on expectations that activist investor Bill Ackman's Pershing Square Capital  and Valeant Pharmaceuticals (VRX) will announce a $50 billion offer for Botox maker Allergan (AGN).

One to watch in New York this morning will be the Glazer family's soccer giant Manchester United (MANU). The former U.K. champions fired their manager David Moyes this morning after just 10 months in post, over a string of humiliating defeats. The club now languishes at no. 7 in the Premier League and has been knocked out of the Championship League.

Must Read: European Stocks Slip on Lackluster Earnings, Ukraine Violence

In London, retailers were up on reports of booming sales on Easter Monday, with the top riser in the sector sports retailer Sports Direct up 3.25% at 825 pence. The FTSE was up 0.9% at 6,685.

In Paris, the CAC40 was up 0.77% at 4,466, Frankfurt's DAX index was up 1.07% at 9,510 and in Zurich the main SMI index was up 0.73% at 8,436.

The story wasn't so pretty in Asia. In Japan, the strength of the yen dented the export stocks-heavy Nikkei 225, which  was down 0.85% at 14,388.77. Hong Kong ended down 0.13% at 22,730.68.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AZN $28.96 0.00%
NVS $75.97 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs