Thursday, July 11: The FTSE 100 commenced the day in the green before fading into the close as Ocado(-3.35%) led the index lower despite announcing a US partnership with Kroger to invest $55m in a Georgia fulfilment centre. Hopes of a US Fed rate cut helped to drive the US market at the open, though bearish comments from the IMF alluding to the expectation of weak eurozone GDP growth pushed European equities into the red.

Reckitt Benckiser(+2.55%) announced that it will pay $1.4bn to settle the US Federal investigations linked to Suboxone Film, an opioid-addiction treatment manufactured by Indivior. The firm reached a deal with the Department of Justice and the Federal Trade Commission following legal action claiming that Indivior, which was demerged by Reckitt Benckiser, “ deceived” healthcare providers that Suboxone Film was “safer, less divertible and less abusable than other opioid-addiction treatment drugs”.

Indivior(+15.10%) revised market expectations for FY2019 net revenue and net income following stronger than expected H1 2019 net revenue performance. The chief driver was the better than expected sales of its branded Suboxone Film which proved more resilient versus generic competitors than expected. The stock also benefitted from a positive read-across from its former parent Reckitt Benckiser, as described above, with the market ascertaining Indivior will likely be fined for improper sales practices but will not have to admit wrongful conduct nor lose any existing US government contracts.

European equities were lower at the close, with the FTSE 100 -0.28%, the CAC 40 -0.28% and the DAX 30 -0.33%.