*
CRH falls on dour European market outlook
*
Drax Group rises after share buyback
*
StanChart up on upbeat Q1 profits
*
Persimmon clocks best day in over two months
*
FTSE 100 down 0.5%, FTSE 250 flat
(Adds comment; updates prices, details)
By Shristi Achar A and Johann M Cherian
April 26 (Reuters) - Britain's FTSE 100 fell on
Wednesday, closing at a near three-week low as the pound weighed
on pharmaceutical firms, though homebuilder Persimmon advanced
after reporting robust quarterly results.
Persimmon Plc gained 4.9%, logging its best day in more than two months, after it said it expected to build homes at the top end of its annual guidance range. However, it also noted that cost inflation showed limited signs of easing in the short-term.
The larger homebuilders sector added 3.3%.
"Positive earnings are going to keep the momentum going for the short term," said Daniela Hathorn, senior market analyst at Capital.com. "With recession looming and interest rates rising, that's obviously going to weigh on home sales and mortgage lending into the future."
The blue-chip index ended 0.5% down for the third straight session, while the mid-cap FTSE 250 shed 0.04%. GSK Plc began 2023 with a quarterly performance that beat analyst expectations, but the drugmaker's shares fell 3.9%, tracking declines among European peers . Also hurting healthcare stocks, the European Union published a draft of its proposed overhaul of laws governing the EU's pharmaceuticals industry, setting up a tussle with drugmakers which warn they will invest and innovate elsewhere. The broader healthcare sector lost 3.3% and weighed on the top FTSE 100 index as the pound climbed 0.5% hurting shares of export-focussed firms. The FTSE indexes have had a good run earlier this month, buoyed by strength in commodity-linked stocks and defensives such as pharmaceuticals.
However, this week investors have begun to assess earnings from domestic firms and those in the U.S., ahead of the Federal Reserve's rate-setting meeting next month.
Among other moves, CRH Plc fell 3.3% as the building materials giant said the European market remained challenging amid expectations of a profit boost from its U.S. operations.
Reckitt Benckiser Group Plc lost 3.4% after naming company insider Kris Licht as its new CEO.
Standard Chartered PLC reported its first-quarter pre-tax profit beat expectations, sending its shares up 2.2%.
The broader banking sector rose 1.1%.
Drax Group Plc's shares rose 1.7% after the power
generator announced a 150 million pound ($187 million) share
buyback programme.
(Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; editing by Eileen Soreng and Alex Richardson)
UK hot stocks: and Wall Street: Gilts report: Euro bond report Pan European stock report: Tokyo stocks: HK stocks: Sterling report: Dollar report:
* For company prices, click on -
* Company directory: By sector:
* For pan-European market data, click on -
* European Equities speed guide................ FTSE Eurotop 300 index........................... DJ STOXX index................................... Top 10 STOXX sectors........................ Top 10 EUROSTOXX sectors................... Top 10 Eurotop 300 sectors.................. Top 25 European pct gainers.................... Top 25 European pct losers..................... ))
