THE UK stock market ended the final session of the week in the red yesterday as the FTSE 100 Index lost 57.2 points and closed at 5354.7.

Shares in retailers, financial companies and house builders were among the biggest risers. Mining groups dominated the headline index's biggest fallers.

In The Journal North 40 GlaxoSmithKline was in focus after the company reported that an experimental treatment for leukaemia that it is developing with Genmab, a Danish biotech group, had proved effective in a crucial phase III trial.

The treatment, ofatumumab, achieved a response rate of 51% in the trial, well in excess of the 25% minimum required, and it is hoped that it could reach the market by mid 2009. Glaxo bought the global rights to ofatumumab for just over pounds 1bn in 2006. Shares in GlaxoSmithKline ended the day down 4p at 1172p.

Elsewhere, Greggs, the Newcastle bakery retailer, was in the spotlight as Citigroup upgraded its rating on the company to "hold" from "sell" but lowered its price target to 3500p from 4100p.

The bank said that in view of recent falls, the shares are trading on a more modest valuation, which it feels is warranted.

Citi does have concerns over lower footfall in the high street as consumer confidence falls but feels that this is reflected in the current valuation, hence its upgrade. Greggs shares traded 207p higher and ended the day at 3727p.

The best performer in the North 40 was Barratt Developments, whose shares climbed 6.8% and ended the session at 101.5p.

Fergus Westwood Fe rg us.westwood@brewin.co.uk

(c) 2008 The Journal - Newcastle-upon-Tyne. Provided by ProQuest Information and Learning. All rights Reserved.

Story Source: The Journal - Newcastle-upon-Tyne