London’s FTSE 100 opens 33 points higher at 7,469, tracking gains in the US and Asia overnight as markets recovered ground after a sell-off prompted by calls for the possible impeachment of US President Donald Trump.
Hikma Pharmaceuticals’ (HIK) share price continues to fall, off another 6.2% to £15.95 after the drug developer downgrades full year earnings guidance. This reflects the delayed launch of Hikma’s generic version of GlaxoSmithKline’s (GSK) Advair Diskus powder and a softer outlook for its traditional oral generics business.
Emeralds and rubies miner Gemfields (GEM:AIM) rises 3% to 39.25p after its major shareholder Pallinghurst announced a nil-premium takeover bid. It wants to merge Gemfields with the rest of its business and potentially move its listing from AIM to London’s Main Market.
Revolution Bars (RBG) crashes 30% to 143.5p after issuing a profit warning. It says costs are higher than expected and new bars are taking longer to mature to full profitability than expected.
Men’s tailoring specialist Moss Bros (MOSB) is marked down 4.2% to 108.5p as an otherwise solid AGM update reveals a slump in like-for-like hire sales over the 15 weeks to 13 May.
Like-for-like retail sales were up 5.5% with new season’s ranges performing well, although Moss Bros’ gross margins came under pressure due to the need for discounting in a much tougher market.
Media play Future (FUTR) firms 14% to 205p after reporting strong first half figures, its performance with substantial increases in both revenue and profitability, driven by organic growth and acquisition.
Future’s strategy, to build a global scalable platform business for specialist media with data at its heart, is gaining momentum as it continues to diversify its revenue streams.
Egdon Resources (EDR:AIM) rises 4.6% to 8.62p as the Environment Agency issues a variation to Egdon’s Mining Waste Permit for the planned Wressle oil field in North Lincolnshire. This permit is a key regulatory approval in the proposed Wressle development and provides support to Egdon’s new planning application submitted in April.
