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Barratt puts in strong performance; stocks and shares.

Byline: By Ken Oiwa

THE FTSE 100 index recovered some of the losses from the previous day, ending the day to close up 54.7 points at 6514.

This followed gains in the Dow Jones Index and early morning advances in the Nikkei. There was strong performances from the nation's house builders with Barratt Developments and Persimmon up 2.83% and 4.16% respectively.

Persimmon indicated that it has started buying back its own shares, starting with 250,000 shares at 952.57p. The largest gainer was Antofagasta, up 4.8%, and the largest faller was Tesco, down 2.21%.

Severfield-Rowen ended the day up 1.1% to close at 598.5p following news that Geoff Wright, the non-executive director, had bought 4,000 shares in the company at 577p per share on Monday. Severfield-Rowen, with a workforce of approximately 1,100, is a structural steelwork company with its head office in Thirsk, North Yorkshire. It is involved in many projects that require high level engineering skills in the steel construction sector. Recent projects include the Oval Cricket Ground, Terminal 5 at Heathrow and The City of Manchester Stadium.

Elsewhere, GlaxoSmithKline announced that it has settled the patent dispute with Mylan over Paxil, its depression and anxiety medication.

Mylan is a pharmaceutical company that manufactures a generic version of Paxil, which is called Paroxine Hydrochloride.

In addition, GlaxoSmithKline reported that it had sold two million kits of its weight loss pill, Alli in five months. The weight loss "starter kit", which includes a food journal, a healthy-eating guide and a fat and calorie reference guide, is the only non-prescription weight loss drug approved by the US Food and Drug administration.

Shares in GlaxoSmithKline firmed 1.69% to close at 1260p. The region's movers were Wellstream, up 10.49% and Bede, down 6.46%.

By Ken Oiwa, a trainee investment adviser of the Wise Speke division of Brewin Dolphin Ltd.

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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Oct 24, 2007
Words:323
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