FTSE closed lower on Friday as worries over spiking energy costs added to concerns about the slowing pace of recovery. However, the index of leading shares managed its first weekly gain since mid-August.
Drug maker AstraZeneca (AZN) said its prostate cancer drug in combination with abiraterone developed with MSD, had met the primary goal of a phase 3 trial. Its shares advanced 2% to £88.40.
Shares in online womenswear brand In The Style (ITS:AIM) fell 18.4% to 160p after the company warned increased freight costs, supply chain disruption and an increased product returns rate will impact the group’s profitability.
Facilities management company Mitie (MTO) upgraded its outlook on profit for the full year following a strong start to the year. The shares gained 1.7% to 72.1p.
Energy company Cairn Energy (CNE), together with its consortium partner Cheiron Petroleum, said it completed the acquisition of oil and gas assets from Shell in the Western Desert, onshore Egypt, for $323 million. The shares added 1.4% to 181.4p.
Scientific instrument maker Judges Scientific (JDG:AIM) hiked its dividend after lifting its outlook on annual performance amid an ongoing recovery from the pandemic. The shares surged 7.7%% to £75.40.
Software and services company Gresham Technologies (GHT) gained 4% to 174.2p after it confirmed that its largest customer had signed contracts which renew and materially increase its investment in the company's software and services.
Iodine maker Iofina (IOF:AIM) reported that first-half profit more than doubled as demand for iodine returned amid an ongoing recovery in its customer markets. The shares dropped 2% to 15.7p.
Touchstone Exploration (TXP:AIM) surged 23.6% to 103.9p after it said the Royston-1 exploration well in Trinidad and Tobago, delivered better-than-expected drilling results after encountering 'substantial' hydrocarbon accumulations.