21/08/14 Market Movements

The FTSE100 closed up 22.18 points at 6,777.66 as Schroders and Astrazenca led a fight back as mining dropped.

Astrazeneca was the biggest climber of the day, after closing up 2.95% as fresh reports emerged that Pfizer is lining up a new take-over bid for the U.K.’s second-biggest drugmaker.

Schroders was hot on Astrazeneca’s heels as the second biggest climber after closing up 2.66%.  The recent decline of the Schroder share price has encouraged HSBC to raise its rating to overweight, the equivalent of buy, saying that the recent pullback is an opportunity. The stock reached its lowest level in more than a year on 8th August.

These gains helped the FTSE100 fight off the decline in commodity producers caused by a report from China that showed gold had fallen by more than expected.