FTSE 100 Steady in Early Trade; GSK Drops, Fraser Gains

FTSE 100 Steady in Early Trade; GSK Drops, Fraser Gains

0844 GMT - The FTSE 100 index trades steady at 7337.65 in early trade, having traded lower at the open. Retail group Frasers rises 4.4% after a buyback announcement, with some other retail stocks following suit, while Flutter Entertainment gains 4.7%. Pharma giant GSK leads fallers, however, dropping 2.9% after it said its Dreamm-3 Phase 3 study in patients with relapsed or refractory multiple myeloma didn't meet its primary endpoint. Susannah Streeter, analyst at Hargreaves Lansdown says markets will likely stay on edge due to concerns about a shaky economy and China's vow that it will continue its strict Covid policies. Concerns about a painful downturn for the global economy could prove hard to shake off, she writes. ([e-mail])

 
Companies News: 

Croda International Finance Director Jez Maiden to Retire; Appoints Louisa Burdett Successor

Croda International PLC said Monday that Group Finance Director Jez Maiden will retire in 2023 and Louisa Burdett has been appointed as his successor and will join the board on Jan. 1.

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Kingspan 3Q Sales Jumped; 2022 Trading Profit Seen Higher on Year

Kingspan Group PLC said Monday that sales rose significantly in the third quarter of the year and that it expects trading profit to be ahead of the prior year.

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Joules's Three-Month Performance Missed Board Expectations Amid Challenging Backdrop

Joules Group PLC said Monday that its performance for the 11 weeks to Oct. 30 missed the board's expectations, driven by the economic backdrop impact on consumer confidence and lower-than-expected ecommerce sales as the group proceeds on its turnaround plans to reduce costs.

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PayPoint to Buy Appreciate Group for GBP83 Mln in Shares and Cash

PayPoint PLC said Monday that it has agreed to buy Appreciate Group PLC for 83 million pounds ($94.4 million) in shares and cash.

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Carclo Appoints Joe Oatley as Nonexecutive Chairman

Carclo PLC said Monday that Nonexecutive Chairman Nick Sanders has stepped down and that Joe Oatley has been appointed to the role.

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Beowulf Mining Nonexecutive Chairman Steps Down; Successor Named

Beowulf Mining PLC said Monday that its nonexecutive chairman, Sven Otto Littorin, has stepped down effective immediately.

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B90 Holdings Chairman Karim Peer Steps Down; Calls off General Meeting

B90 Holdings PLC said Monday that Executive Chairman Karim Peer and Nonexecutive Director Nigel Eastwood are stepping down from the board with immediate effect, and that the requisitioning shareholders have withdrawn the request for a general meeting to remove them.

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Synectics to Appoint Craig Wilson as Nonexecutive Chairman, Replacing David Coghlan

Synectics PLC said Monday that it will appoint Craig Wilson as non-executive chairman, replacing David Coghlan.

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Asiamet Resources Places GBP2.6 Mln in Shares to Delta Dunia Makmur

Asiamet Resources Ltd. said Monday that PT Delta Dunia Makmur Tbk has subscribed for 2.6 million pounds ($3.0 million) in shares, with proceeds to be used toward the BKM copper project in Indonesia.

 
Market Talk: 

BOE Likely to Raise Rate by 50Bps in December, Barclays Says

0946 GMT - The Bank of England is expected to be less aggressive at the December meeting and raise the key rate by 50 basis points, following November's 75 basis-point increase, Barclays' analysts say in a note. The BOE's economic forecasts--which include a prolonged recession to the end of 2023--"push back against excessive tightening", say the analysts. "In the short term, we maintain our call of another 50bp hike by the BoE in December followed by a prolonged status quo." ([e-mail])

GSK's Clinical Trial Miss Might Define Treatment's Fate

0855 GMT - GSK's Phase 3 Dreamm-3 study of Blenrep failing to meet its primary endpoint means the treatment's fate will be decided in two further trials, with data expected to be released in 1H, Shore Capital analysts Susie Jana and Sean Conroy say in a note. The study raised safety concerns regarding ocular toxicity and potentially sight-threatening keratopathy, they note. "These safety concerns could outweigh, in terms of risk-benefit perception, and impact on potential uptake in earlier settings given the background of the entrenched options available," the analysts say as shares fall 2.7%. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

11-07-22 0554ET