Pharmaceutical stocks – one of the few sectors that was thought to be privately if not publicly hoping for a Trump win last night – surged after Democrat candidate Hillary Clinton conceded defeat in the US presidential election.
Hikma Pharmaceuticals is up by 5.7 per cent an hour after the open, while Shire is up by 4.6 per cent.
AstraZeneca rose 2.4 per cent, and GlaxoSmithKline is up by almost two per cent.
Drug pricing has become a major issue in the US as public opinion turns against big pharma firms and politicians jump at the opportunity to score some easy points in the polls.
Hillary Clinton was one of the most vocal critics of the industry, saying she had some major reforms for the sector planned if she made it to the White House.
Recent drug pricing scandals have hit the share price of many US pharma firms, and investors had priced a more challenging drug pricing model into their valuations of many stocks in the UK.
In the US Epipen maker Mylan's share price ditched in August after Clinton and a senator whose daughter uses Epipens piled pressure on the company to cut prices.
The management of Valeant Pharmaceuticals and former Turing Pharmaceuticals chief exec Martin Shkreli – called the most hated man in America – were called up before the US congress to answer questions over their drug pricing strategy earlier this year, causing investors to abandon the firms.
Pharma firms got a boost in India as well after the US election result came in.
The Nifty Pharma index was up about two per cent a little earlier, while Sun Pharmaceutical Industries added some five per cent.
Sector majors Dr. Reddy's Laboratories, Aurobindo Pharma, and Lupin were also among top gainers.