Market Report: US pill poppers are 'healthy' for Shire

Parents whose kids have ADHD might not see soaring rates of diagnosis of the attention-deficit disorder as a good thing, but Shire, the pharma giant that makes the majority of the pills used by sufferers certainly does.

"Healthy growth" is how it described the US market for ADHD products yesterday, explaining the reason for its soaring sales of Vyvanse and Intuniv pills for ADHD. They helped Shire beat market expectations with a 14 per cent rise in second-quarter revenues to $1.2bn (£769.4m).

"Both increased share and we're advancing our plans for the continued international rollout of both these products," said Shire.

Phew, said the City since the drugmaker's ADHD franchise was hit in June when US regulators approved a cheaper rival version of one of its key ADHD treatments, Adderall XR. Shares rose 4.82 per cent or 89p to 1937p.

Elsewhere, the rise in property porn gave Rightmove a boost. Despite house prices falling in July for the fourth time in five months, according to figures from Nationwide yesterday, and Bank of England lending data this week showing mortgage approvals dropped to an 18-month low in June, nosy Normas desperate to find out how much their neighbours' homes are being bought and sold for helped Rightmove's pre-tax profit jump 35 per cent to £38.9m in the first six months of the year. More surfers on the company's website meant more advertisers. The City reckons the trend will continue and the shares took a ride accordingly. Rightmove was up by 10 per cent, or 153p, to 1645p.

Overall, though, volumes remained desultory. "Lightweight," said one thumb-twiddling trader. "No major trades at all, with little going on in equities, the more intelligent of our clientele are thinking outside the box, looking at corporate bonds paying good coupon rates, because there's so little going on here.

"Thank God for the Olympics – at least it means that there's something to pass the time."

One sport they weren't watching was the tug of war – contested at every Olympic Games between 1900 to 1920 before being axed. But it was clearly in evidence in the FTSE 100, as the battle for supremacy between gloomy eurozone-worriers and China-watchers and the everything-will-be-OK buyers continued.

Fears that the European Central Bank may not deliver enough stimulus this week to tackle a global economic slowdown were ignored.

The FTSE 100 ticked up 77.54 points or 1.4 per cent to 5,712.82 despite numbers from China overnight showing official factory purchasing managers' index fell to an eight-month low last month, suggesting the sector is barely growing. Analysts argued that the worse-than-expected numbers would inspire economic stimulus from the government.

As Mike McCudden, head of derivatives at Interactive Investor, put it: "Equities enjoyed a bounce after Chinese PMI data disappointed and triggered a fresh round of stimulus chatter."

BT, the official telecoms provider of the Olympics, edged up 1.5p to 218.8p after analyst Jerry Dellis at Jefferies issued a buy note saying its "retail recovery is firmly on track".

Elsewhere, retailers took a ride on Next's coat tails. The supplier of grey suits and other uniforms for the office classes raised its profit guidance thanks to surging demand at its website. Its shares rose more than 6 per cent or 208p to 3427p, whilst Marks and Spencer picked up 1.8p to 335.5p, and Debenhams gained 2.15p to 94.1p.

Avocet Mining warmed up 9.6p to 84.6p after a glowing note from stockbrokers at Numis, who raised their price target to 115p .

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Software Development Manager

£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Product Manager - (Product Marketing, Financial Services)

£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Recruitment Genius: Compliance Assistant

£13000 per annum: Recruitment Genius: This Pension Specialist was established ...

Ashdown Group: Market Research Executive

£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee