AstraZeneca Surges as FTSE 100 Hits Record High

AstraZeneca jumped 11.2% on Wednesday, driving the FTSE 100 to a record close of 9,446.43, supported by healthcare gains following Pfizer’s US drug pricing deal. On Wall Street, Biogen rose 10.9% and Thermo Fisher gained 9.4% as the S&P 500 ended higher despite a sharp decline in US private payrolls. Gold traded near $3,872 per ounce after touching a record $3,895, while Brent crude settled at $65.55 and the dollar held at 97.74 on a trade-weighted index.

Equities

London’s FTSE 100 closed at a record high on Wednesday, rising 1% to 9,446.43 points. Gains were led by the healthcare sector, which advanced 8.7% following news that Pfizer had agreed a deal with US President Donald Trump to lower Medicaid drug prices in exchange for tariff relief.

AstraZeneca climbed 11.2%, its largest daily increase since May 2017, while GSK closed 6.1% higher and Hikma Pharmaceuticals added 5.7%. Outside healthcare, Greggs rose 6.4% after reporting third-quarter sales growth of 6.1%, supported by stronger trading through August and September. By contrast, Tate & Lyle fell 13%, reaching its lowest level since 2009, after warning that annual profit and revenue would decline due to weaker demand in the Americas.

In the US, Wall Street’s main indices moved higher despite weaker private payrolls data and the first day of a federal government shutdown. The S&P 500 rose 0.34% to 6,711.20, the Nasdaq gained 0.42% to 22,755.16 and the Dow added 0.09% to finish at 46,441.10.

Healthcare stocks provided the strongest support, with Biogen surging 10.9% and Thermo Fisher closing 9.4% higher. The rally followed Tuesday’s announcement of the Pfizer–Trump pricing agreement, which investors expect other pharmaceutical firms may follow.

Utilities stocks also advanced strongly after AES closed 16.8% higher. The move came after reports that BlackRock’s Global Infrastructure Partners was nearing a $38 billion deal to buy the utility group. Technology shares supported broader market gains, with Micron rallying 8.9% and the Philadelphia semiconductor index up 2%.

Lithium Americas’ US-listed shares rose 23.3% after the Department of Energy took a 5% stake in both the company and its joint venture with General Motors. Rival Albemarle added 4.2% on the same news. Corteva, however, dropped 9% after saying it would separate its seed and pesticide businesses into two listed companies.

Forex & Commodities

The US dollar steadied on Thursday after four straight days of declines, holding at 97.74 on a trade-weighted index. The move followed the US Supreme Court’s decision to allow Federal Reserve Governor Lisa Cook to remain in her post until at least January while it reviews President Trump’s attempt to remove her. Against the yen, the dollar traded at 147.2, while in offshore markets it was at 7.132 against the yuan. The euro was unchanged at $1.173, and sterling held at $1.347.

Gold hovered close to record territory, trading at $3,872 per ounce on Thursday morning after reaching $3,895 the day before. Investor demand has been supported by expectations of lower US interest rates and safe-haven buying linked to the government shutdown. SPDR Gold Trust, the world’s largest gold-backed ETF, said holdings rose to 1,018.9 tonnes on Wednesday, the highest level since July 2022.

Oil prices edged higher after three sessions of losses. Brent crude rose to $65.55 per barrel and West Texas Intermediate to $61.98. Gains were limited by concerns about oversupply as OPEC+ considers raising output in November, though speculation of tighter sanctions on Russian crude and stockpiling demand from China lent support. The US Energy Information Administration said late Wednesday that crude inventories rose by 1.8 million barrels last week to 416.5 million.