By Patrick Munnelly, Market Strategist, Tickmill
UK stocks started the day with a slight dip, primarily due to a sell-off in mining stocks with the drop in metal prices driven by concerns related to the Middle East conflict.
Additionally, investors were exercising caution in anticipation of significant economic data releases from the US. However, the FTSE 100 index saw a nice reversal to head into the close gaining over 0.5% on the session.
FTSE 100 biggest movers
AstraZeneca LON:AZN led the charge, gaining over 2.7% on the day after announcing on Monday that the U.S. Food and Drug Administration (FDA) has granted priority review to the combination of its cancer drug, Tagrisso, with chemotherapy.
This priority review status signifies that the FDA will expedite its assessment of the drug combination.
It’s a positive development for AstraZeneca as it suggests that the FDA acknowledges the potential significance of this treatment option, especially in the field of oncology.
This news can be seen as a step forward in the regulatory process for this drug combination.
On the negative side of the ledger, asset manager St James’s Place LON:STJ once again weighed down another 0.5% today which saw it finish the day near the bottom of the FTSE blue-chip index.
The decline followed notable changes to St. James’s Place fee structure designed to reduce the overall ongoing charges for existing client investments across core products.
These changes are set to take effect during the second half of 2025.
Under the new fee structure, both initial charges and ongoing charges will be applicable from the outset, without any early withdrawal charges for the majority of new investment bonds and pensions.
In addition to the fee structure adjustments, St. James’s Place reported that it had funds under management worth £158.57 billion ($193.25 billion) by September 30, compared to £157.5 billion at the end of June.
The concerns regarding St James’s Place have led to a contagion trade in Hargreaves Lansdown LON:HL. who sit at the bottom of the table, shedding over 2.3% on the day.
Podcast: Everything you need to know about the FTSE 100 Index
Subscribe to our podcast on your favourite platform
Don’t miss out on our weekly podcast. You can find us on Spotify, Soundcloud, Amazon, Apple, YouTube and many other popular platforms
