Pharmaceuticals stock market

Pharmaceutical stocks surged in Europe on Wednesday as Republican Donald Trump's U. News that a California ballot initiative aimed at reining in rising prices for prescription drugs was headed for defeat also buoyed the mood, with shares in major European drugmakers rising between 2 and 6 percent.

Trump's victory over Hillary Clinton, whose drug pricing criticisms have weighed on shares for more than a year, is not without risk, however.

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A Republican pledge to repeal Obamacare could have potentially chaotic consequences. Zuercher Kantonalbank analyst Michael Nawrath said uncertainty over how Trump will make good on his promise to scrap the Affordable Care Act, widely known as Obamacare, could weigh in the months ahead.

We're going to have to see which proposals emerge," he said. Healthcare was the biggest sector gainer in Europe following Trump's win, with the Stoxx healthcare index up 3.

Danish insulin maker Novo Nordisk nvo , whose diabetes drug prices have been under fire recently in the United States, saw some of the largest gains, rising 6 percent. A spokesman for Novo, which generates more than half of its sales in the United States, said the company was pleased by the Californian ballot news, but added that it was "unpredictable" what the Trump presidency meant for the drugs industry.

Shares in other major drugmakers like Roche, Novartis nvs , Sanofi, AstraZeneca azn and GlaxoSmithKline gsk rose between 2 and 4. In pre-market trading in the U.

Throughout the campaign Clinton had been far more critical of drug industry pricing than Trump, famously sending drug stocks into a tailspin in September when she tweeted about specialty drug "price gouging. Trump has said less on the topic but he has suggested support for importation of cheaper drugs, as well as advocating increased scrutiny over drug price increases and a bigger role for negotiating down the cost of medicines.

Marie Owens-Thomsen, chief economist at Indosuez Wealth Management, believes the idea that he is the good news candidate for the pharmaceuticals industry is "a bit of a simplistic view. Jefferies analysts said U.

Switzerland's Roche, the world's biggest maker of cancer drugs, echoed the belief that the United States would remain a rewarding market.

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