By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks traded at record highs
Friday, moving toward a weekly gain as shares of drug maker Shire
PLC and real-estate companies advanced.
The FTSE 100 gained 0.4% to 7,047, above its record closing high
of 7,037.67 it notched in late March, according to FactSet data.
The blue-chip index was on track for a 4% weekly rise. It fell in
the previous two weeks.
Friday's best performance was coming from Shire PLC . The
pharmaceutical company's shares rose 4.6% after the U.S. Food and
Drug Administration said it will consider its application for its
Lifitegrast dry-eye disease treatment, and will do so under
priority review. Under FDA rules, the agency will aim to take
action on the application within eight months, rather than the 12
months under a standard review.
Property stocks were also among the strongest gainers after
Jefferies upgraded its stance on the U.K. residential sector. "The
latest data points to a stronger pre-election housing market than
we had anticipated," said analysts in a note Friday.
In the group, home builder Taylor Wimpey PLC climbed 2.6% as it
was upgraded to buy from hold. Barratt Developments PLC and
Persimmon PLC were upgraded to hold from underweight. Barratt
shares picked up 3%, and Persimmon rose 1.6%.
Among decliners, Royal Mail PLC fell 0.9% and miner Anglo
American PLC lost 1%.
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