London stocks closed lower on Monday (November 7) as the pound strengthened. And the rise in GlaxoSmithKline (GSK) has overshadowed sentiment over China’s prospects for a zero-day easing of the coronavirus policy. Although Chinese officials have come out to deny it.
The London Stock Exchange FTSE 100 closed at 7,299.99, down 34.85, or -0.48%.
GSK shares fell 4.7 percent after it said blood cancer drug Blenrep failed to meet its late-stage research goals. As a result, the pharmaceutical group fell by 1.6%.
The pound rose 0.9 percent, hurting dollar-earning exporters such as AstraZeneca and Diageo.
Jules Group shares fell 23.5 per cent after it reported lower-than-expected sales in the 11 weeks to October 30.
Investors will focus this week on the release of Britain’s third quarter gross domestic product (GDP) on Friday and the budget plan for next week.
