European healthcare first sector to recover Brexit losses

By: | Published: June 29, 2016 3:18 PM

The rush to large-cap, high quality, dividend-paying pharmaceutical stocks in the aftermath of Brexit has helped Europe's healthcare index erase all its losses since last week's vote.

Gains were led by British pharma stocks such as AstraZeneca and GlaxoSmithKline, both up 10.5 percent and 7.5 percent, in the past three sessions. (Reuters)Gains were led by British pharma stocks such as AstraZeneca and GlaxoSmithKline, both up 10.5 percent and 7.5 percent, in the past three sessions. (Reuters)

The rush to large-cap, high quality, dividend-paying pharmaceutical stocks in the aftermath of Brexit has helped Europe’s healthcare index erase all its losses since last week’s vote.

The healthcare index, up 1.4 percent on Wednesday, is the only regional sector index to trade above last Thursday’s close.

Gains were led by British pharma stocks such as AstraZeneca and GlaxoSmithKline, both up 10.5 percent and 7.5 percent, in the past three sessions.

A weaker sterling further adds to the UK large-cap healthcare sector’s appeal given that a significant share of their revenues comes from outside Britain.

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