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Categorized | Equities

Pharma companies and gold miners gain, banks dropping as European markets open

Posted on November 9, 2016

Shares in precious metals miners and pharmaceutical companies are jumping and banking and insurance stocks are falling in Europe as investors react to Donald Trump’s victory in the US Presidential election.

At publication time:

  • Fresnillo, the Mexico-based gold and silver miner is up 15.2 per cent
  • Africa-focused gold miner Randgold Resources is jumping 9.9 per cent
  • Centamin is gaining 7.7 per cent
  • Novo Nordisk, the Danish pharmaceuticals business, is 2.6 per cent higher
  • AstraZeneca is gaining 3.7 per cent
  • French drugmaker Sanofi is rising 2.2 per cent
  • Shire is up 4.6 per cent.

A victory for Hillary Clinton was seen as negative for pharmaceutical companies as she had questioned the prices of drugs in the US.

At the other end of the scale banks are taking the heat as European and US government bond yields are falling and investors shy away from risk.

  • Spanish bank BBVA is falling 8.5 per cent
  • French bank Natixis is also among the bigger fallers in Europe, dropping 5.8 per cent
  • French insurer Axa is off 6.1 per cent

In the early hours of Wednesday, investors have been piling into assets such as gold and the Japanese yen – havens in times of volatility – as is became clear that Mr Trump was edging closer to victory.

Oil, meanwhile, has been heading south with Brent crude dropping as much as 3.6 per cent at one stage earlier on Wednesday to $44.40 a barrel, the lowest level since August. At publication time, Brent is 1.17 per cent lower at $45.52 a barrel.