Business

Talk Talk shares surge on boss departure

Trader at ETX Capital in London Image copyright Getty Images

(Close) Talk Talk was the biggest winner on the London stock market after chief executive Dido Harding announced she would be stepping down.

Shares in the telecoms group finished 7.6% higher on the FTSE 250, as it also announced founder Sir Charles Dunstone would become executive chairman.

Meanwhile, the benchmark FTSE 100 index crept back above 7,100 points, helped by drugmaker Hikma Pharmaceuticals.

Hikma shares rose 3.1% after President Trump met with the drugs industry.

The US president told executives of major US drugmakers in a White House meeting on Tuesday that he would work with pharmaceutical firms to lower drug prices.

The FTSE 100 closed 8.5 points, or 0.1%, higher at 7,107.65.

"The FTSE 100 has lagged behind somewhat probably as a result of the strength of the pound," said Michael Hewson, chief market analyst at CMC Markets UK.

The pound rose 0.5% against the dollar at $1.2638, and 0.9% against the euro at 1.175 euros, after a survey indicated UK manufacturing output remained near a two-and-a-half year high.