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Why Have GlaxoSmithKline plc And AstraZeneca plc Followed The FTSE 100 Down?

Investors tend to turn to big blue-chip dividend payers at times of market volatility, and in times past the steady earnings of pharma giants GlaxoSmithKline (LSE: GSK) and AstraZeneca (LSE: AZN) have been a particular source of comfort when the market is falling. But in the recent lurch lower, London’s biggest drugs companies did just as badly as the FTSE 100. How come?

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Owain Bennallack owns shares in GSK and AZN. The Motley Fool UK has recommended GlaxoSmithKline. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.