London’s FTSE 100 trades 24.5 points lower at 7,741 on Friday, the blue chip benchmark stubbornly refusing to make any real progress and on track for minimal gains this week.
Supermarkets titan Tesco (TSCO) ticks 2.7% higher to 256.5p after delivering positive like-for-like sales growth for the tenth consecutive quarter, with CEO Dave Lewis ‘delighted with initial progress’ from the acquired Booker business, already looking a fantastic addition to the fold.
First quarter results reveal better than expected 1.8% group-level like-for-like sales growth and slightly slower UK like-for-like sales growth of 2.1% in the 13 weeks ended 26 May, which is good going given the adverse weather conditions in March. At the end of the quarter, Britain’s biggest retailer also cut prices on exclusive fresh food brands as it takes the fight to rivals in the fast-evolving grocery sector.
Pharma play Indivior (INDV) slumps 15.1% to 419.7p on concerns its main product, Suboxone film, will come under pressure. Rival Dr Reddy’s Labs has won regulatory approval from the US Food & Drug Administration (FDA) to launch competing buprenorphine and naloxone film to treat adults with opioid addiction.
Elsewhere, Rolls-Royce (RR.) races 13.3% north to £10 after outlining further details of its restructuring plan and mid-term financial targets. Rolls-Royce, which hogged headlines yesterday after announcing a wave of job cuts, says its restructuring is expected to deliver savings of £400m and exceed free cash flow of £1bn by 2020.
Specialist staffing outfit SThree (STHR) skips 8p or 2.4% higher to 338p on a positive first half trading update, CEO Gary Elden highlighting strong growth through the second quarter in its Continental Europe and USA businesses in particular.
Global healthcare company BTG (BTG) cheapens 18p to 524p after a US FDA advisory panel votes against the approval of the company’s Elevair Endobronchial Coil System, known as PneumRx coils in the EU, for the treatment of people with severe emphysema.
Online estate agent Purplebricks (PURP:AIM) powers 8.6p higher to 365p as it announces the expansion of its offering to Las Vegas and Phoenix, two fast growing cities with buoyant real estate markets, building on successful US launches in California and New York.
