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.
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.