Trump's win spurs drug stocks as pricing fears dip
On Wednesday, pharmaceutical stocks ascended in Europe, as Republican Donald Trump's American presidential election win led traders to conclude that the threat of tough action on drug pricing had reduced.
News that a California ballot initiative aimed at reining in soaring prices for prescription drugs was headed for defeat raised the mood too, with stocks in key European drugmakers leaping between 2% and more than 6% in early trade.
Trump's shocking victory over his counterpart Hillary Clinton, whose drug pricing criticisms have weighed on stocks for more than a year, is risky too. A Republican intention to cancel bamacare could bring potentially chaotic consequences.
Healthcare turned to be the biggest sector gainer in the EU, Trump's victory, with the Stoxx 600 healthcare index, soaring 2.5%.
Danish insulin maker Novo Nordisk, whose diabetes drug prices have been under fire recently in America, reported the largest revenues - 6.5%.