London’s FTSE 100 was broadly flat on Friday, the blue chip benchmark off 0.22% to 7,004.45 points early doors despite news of very strong UK retail sales last month, boosted by non-essential retailers being allowed to reopen on 12 April.

Bitcoin’s extreme volatility this week has only added to existing worries like inflation and the pandemic, which have impeded the progress of equity markets so far in 2021.

Retail sales for April smashed expectations as pent-up demand was unleashed. Sales rose 9.2% from March, comfortably ahead of the 4.5% growth called for by consensus.

COMPANY NEWS

Pharma giant AstraZeneca (AZN) cheapened 0.2% to £81.15, despite announcing that its Covid-19 vaccine Vaxzevria has been granted a special approval for emergency use in Japan for active immunisation of individuals aged 18 years and older.

The Japanese Ministry of Health, Labour and Welfare granted the approval based on positive phase III efficacy and safety data from the Oxford University-led clinical trial programme in the UK, Brazil and South Africa, and a Phase I/II trial in Japan.

‘Production of the vaccine in Japan is already underway, and the first doses are expected to be available in the coming weeks,’ said the company.

Waste management group Biffa (BIFF) was bid up 5.4% to 292p after it agreed to acquire the collections business and certain recycling assets from Viridor Waste Management for about £126 million.

‘This acquisition expands Biffa’s collections business and recycling capabilities while solidifying its leading position in UK sustainable waste management,’ insisted the group.

CARD FACTORY SHREDDED

Greeting cards-to-gifts retailer Card Factory (CARD) slumped 12% to 76p, even as it announced the completion of a £225 million refinancing and flagged a strong trading performance since reopening its stores.

However, the retailer also conceded that initial strong demand has been satisfied, with store like-for-like sales for the first five weeks ‘marginally down’ versus the same period in pre-pandemic 2019, while online sales have fallen too with customers now able to shop in stores.

Floor coverings distributor Headlam (HEAD) headed 3.2% lower to 450.2p, despite flagging an improving sales trend in the first four months of the year following a ‘soft start’.

Revenue was up 30.6% against the Covid-impacted comparative period in 2020 and ‘only slightly below’ the 2019 comparator.

Close Brothers (CBG) improved 6p to £15.84 on news the merchant banking group continued to perform strongly during its third quarter. All divisions are tracking in line, or slightly better than, consensus forecasts, with Winterflood the standout performer.

Oxford Cannabinoid Technologies (OCTP), a pre-revenue company looking to develop cannabinoid-based prescription medicines, was marked down from its 5p placing price to 4.63p in debut dealings on the main market.

IN OTHER NEWS

Elsewhere, Shield Therapeutics (STX:AIM) skipped 6.4% higher to 61.5p on news the specialty biotech remains ‘on track’ to launch iron deficiency drug Accrufer in the US by end of June 2021.

Transport software and services specialist Tracsis (TRCS:AIM) ticked 4.3% higher to 845p after welcoming the long-awaited Williams-Shapps Plan for Rail in the UK.

Engineering and technology recruitment business Gattaca (GATC:AIM) was off 1p at 149p, despite upgrading full year profit guidance after net fee income recovered at a faster rate than expected.

Clinical AI company Sensyne Health (SENS:AIM) rose 2.6% to 157.5p after inking its first Strategic Research Agreement in the US with St. Luke’s University Health Network, a leading US health system serving patients in Pennsylvania and New Jersey.

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Issue Date: 21 May 2021