MARKET REPORT: Orthopaedics Smith & Nephew retreat after $2bn share buyback

ORTHOPAEDICS group Smith & Nephew retreated 68p to 1131p as bid speculation cooled after potential US suitor Stryker announced a $2billion share buyback.

Orthopaedics Smith & Nephew retreated after $2bn share buybackGETTY/POSED

Orthopaedics Smith & Nephew retreated after $2bn share buyback

Profit-taking after a strong share price performance sent Direct Line 2p lower to 328½p despite the insurer hiking its dividend payout by 32 per cent.

Price comparison site Moneysupermarket.com reversed 24p to 243½p although recent trading has been strong.

A positive outlook after a 53 per cent jump in annual profit lifted set-top box maker Pace 27¼p to 363p, and Punch Taverns rose 5p to 92¼p after Duncan Garrood agreed to join as chief executive from franchise operator MH Alshaya.

Biotech firm Physiomics improved 0.02p to 0.12p after it hailed "the most significant deal in its history" to develop its virtual tumour clinical model with a division of German pharma giant Merck.

The arrival of a drilling rig in waters off the Falkland Islands boosted oil explorers Falkland Oil & Gas 1½p to 32¾p and Rockhopper Exploration 3p to 67p.

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