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European Markets Hit Record Highs on US-Pfizer Deal, Healthcare Surge

A US-Pfizer deal boosts European healthcare stocks to their highest level in over a decade. But not all sectors are thriving, as Tate & Lyle's warning highlights.

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European Markets Hit Record Highs on US-Pfizer Deal, Healthcare Surge

European markets surged on Wednesday, with the FTSE 100 and Stoxx 600 hitting record highs. This was driven by a significant boost in healthcare stocks following a US-Pfizer deal. However, not all sectors performed well, with Tate & Lyle dragging down the FTSE 100 due to a demand slowdown warning.

The FTSE 100 closed up 1 per cent, surpassing its previous record close on Tuesday. This was largely due to gains in the healthcare sector, with AstraZeneca leading the way with an 11 per cent rise. Meanwhile, the pan-European Stoxx 600 surged 1.2 per cent, its biggest one-day percentage gain since July 23rd, and closed at a record high, propelled by healthcare stocks.

European healthcare stocks jumped 5.4 per cent, marking their biggest one-day performance since November 2008. This was in response to a US-Pfizer deal that reduced sector uncertainty. Dublin-listed home builders Cairn and Glenveagh also performed well, up 1.9 per cent and 0.6 per cent respectively, following good results in recent weeks.

Greggs reported a 6.1 per cent rise in third-quarter total sales, with shares rising 7.4 per cent. However, not all sectors experienced growth. In London, Tate & Lyle was the biggest drag on the FTSE 100 after warning of a demand slowdown in the stock market today, with shares plummeting 9.7 per cent.

In Dublin, shares in Glanbia dipped after its largest shareholder sold a 6.8 per cent stake. Glanbia shares closed 2.2 per cent down at €13.70. Despite this, AIB and Bank of Ireland enjoyed a strong session, with both stocks up 2 per cent.

Wednesday's trading session saw a mix of gains and losses across European markets. While healthcare stocks led the way, driven by a US-Pfizer deal, other sectors such as consumer goods and banking also saw positive movements. However, warnings of demand slowdowns in certain sectors served as a reminder of the ongoing economic uncertainty.

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