LandSec in discussions over new Deutsche Bank HQ, Jones Bootmaker expected to call in administrators

London open

The FTSE 100 is expected to open flat on Friday, after closing up 0.22% to 7,340.71 on Thursday.

Stocks to watch

As it makes early progress with a new strategy, Smiths Group reported flat first-half revenues of £1.6bn on an underlying basis but growth of 18% on a reported basis thanks to the weak pound. With operating margins improving 130 basis points, operating profits increased 8% underlying and 27% reported to £277m and pre-tax profits 10%/31% to £248m.

Land Securities confirmed it was in discussions with Deutsche Bank on pre-letting a site for the German banking giant's London headquarters. LandSec said it would finish shortly the demolition of existing buildings at 21 Moorfields in London's central business district. The site sits above Moorgate tube station and the new development will contain offices and shops, media reported on Thursday.

Acacia Mining said there has been no change on the Tanzanian government's ban on exports of gold and copper ore despite efforts by the company. The FTSE 250 miner has been “engaging with key government official and other stakeholders” in order to lift the ban which has been in effect since 3 March.

Syncona noted on Friday that Blue Earth Diagnostics - which it funds - had received a positive opinion recommending that Axumin be granted marketing authorisation in the European Union from the Committee for Medicinal Products for Human Use of the European Medicines Agency. The FTSE 250 firm holds a 90 per cent interest in the share capital of Blue Earth. It said the recommendation was for Axumin (fluciclovine 18F) use in Positron Emission Tomography imaging to detect the recurrence of prostate cancer, in adult men with a suspected recurrence based on elevated blood prostate specific antigen levels after primary curative treatment, which was an area of “significant unmet need”.

Newspaper round-up

Jones Bootmaker is expected to call in administrators on Friday in a move that will put more than 1,100 jobs at risk. The shoe retailer, which employs 1,145 people, has nearly 100 stores and a handful of concessions in department stores. It is understood to be close to going under after a deal with a private equity firm collapsed. – Guardian

Shareholders in Crest Nicholson, one of the largest housebuilders in Britain, have voted against a pay deal for the company’s directors because of concerns that the performance targets were too easy. The rebellion means Crest Nicholson is the first major company this year to see investors reject its remuneration report, which is a major embarrassment. - Guardian

Deutsche Bank has agreed a deal to move to a new City headquarters, defying fears that large financial institutions are planning to leave the capital after Brexit. An internal memo sent to staff today and seen by The Daily Telegraph said that in 2023 the bank will move to the new headquarters, which are owned by property developer Land Securities. – Telegraph

The boss of North Sea takeover target Ithaca Energy has reasserted his backing for the £517m cash bid from the group's largest shareholder after reporting a £54m loss for last year. Delek, which holds a 20pc stake in Ithaca, has steadily deepened its interest in the North Sea over the past year. Delek’s offer to buy Ithaca in February came just months after snapping up 13.8pc of Faroe Petroleum in a £42.8m Christmas Day spending spree. – Telegraph

The City watchdog has reopened its investigation into Barclays’s £7.3 billion Middle East capital raising in 2008 that helped the lender to avoid falling into government ownership. The Financial Conduct Authority concluded an investigation three years ago but is understood to have begun interviewing individuals after starting the process again.- The Times

Britain is dangerously exposed to money launderers as investigators are failing to work with other agencies to gather evidence against foreign criminals, a think tank has claimed. A report by the Organisation for Co-operation and Economic Development, published today, criticises the Serious Fraud Office and the financial intelligence unit at the National Crime Agency for failing to co-operate and share information that could bring foreign money launderers to trial. – The Times

US close

US stocks closed marginally lower on Thursday after a House of Representatives vote on President Donald Trump's healthcare plan was delayed.

Giving up modest gains from earlier in the session, the Dow Jones Industrial Average finished down almost five points at 20,656.58, the S&P 500 lost two and a half to close at 2,345.96 and the the Nasdaq composite moved down nearly four points to 5,817.69.

Crude oil prices did not help either, with West Texas Intermediate down 0.77% at $47.67 per barrel and Brent crude falling 0.22% to $50.53.

In currency markets, the dollar fell 0.3% against the pound to 0.7986, was up 0.1% versus the euro at 0.9271 and flat against the yen at 111.07.

Investors were watching out for the House of Representatives vote on the Republican plan to repeal Barack Obama's Affordable Care Act, known as Obamacare, and replace it with their own 'Trumpcare' version were disappointed as the party pushed back the vote amid last-minute lobbying and negotiations.

The delay arose as competing centrist and conservative factions in the party battled over potential changes to the proposed American Health Care Act, though officials said the vote could still be held on Friday.

Trump has said voting through the bill was crucial before action can be taken on his other plans.