Following a patchy start to the week, the fabulous FTSE 100 has subsequently managed to keep its chin up and trades 19.3 points higher on Friday at 7,703.2 with a helping hand from consumer goods colossus Unilever (ULVR), bid up 74p to £44.05.
Lloyd’s of London insurer Beazley (BEZ) cheapens 11.4% to 493.8p after reporting a slump in first half pre-tax profit to $57.5m (2017: $158.7m), investment returns hit by the impact of rising US interest rates on its bond portfolio. CEO Andrew Horton expects ‘the rate rises seen in the first half of the year will help us deliver stronger returns going forward’, although investors’ nerves are also unsettled by the news finance director Martin Bride is to retire from Beazley next year.
Clinical-stage biopharma firm PureTech Health (PRTC) improves 4.8% to 142.5p on news it has entered into a multi-year collaboration with Roche to advance its milk-derived exosome platform technology for the oral administration of Roche’s antisense oligonucleotide platform.
Under the terms of the agreement, PureTech Health will receive up to $36m in upfront payments and is eligible to potentially receive over $1bn in development milestones too.
Sirius Minerals (SXX) nudges up 0.9% to 33.66p after striking two more offtake deals for its potash mine in Yorkshire. These deals are very important because potential financiers want a certain minimum amount of future supply agreements in place before they will consider lending Sirius money to help build its mine. It is now almost at that minimum level.
Audio visual equipment supplier Midwich (MIDW:AIM) marches 7.2% higher to 710p on news full year results are expected to be ahead of expectations following an encouraging first half and given ‘current positive sales momentum’.
Broker Canaccord Genuity retains its ‘buy’ rating, believing ‘Midwich’s prospects are excellent’, reflecting underlying growth in professional audio visual markets ‘and the potential for further market share progression through portfolio enhancement in existing and new markets, as well as selective acquisitions in what are generally fragmented markets.'
Employee services platform Personal Group (PGH:AIM) perks up 5.4p to 471.4p on a positive first half trading update. CEO Mark Scanlon says all three business segments (the core insurance and software as a service businesses and salary sacrifice arm Let’s Connect) are trading ahead of last year and the second half has started well too.
Video game services star turn Keywords Studios (KWS:AIM) clips ahead 6p to £17.94 on the C$4m acquisition of Canada-based video game and interactive media developer Snowed In Studios.
‘Super budget’ branded hotels operator EasyHotel (EZH:AIM) softens 2.25p to 113.25p despite splashing out €9m on the acquisition of a freehold site in Dublin. Disappointment centres on the news the costs associated with development team appointments to support its expansion across Europe will crimp this year’s earnings and reduce earnings by around £750,000 in the next two financial years.
