Halma buys Navtech Radar, AstraZeneca posts disappointing Imfinzi results
London open
The FTSE 100 is expected to open 25 points higher on Friday, having closed ahead 0.06% at 7,038.01 on Thursday.
Stocks to watch
Safety and health technology group Halma on Friday said it had bought Navtech Radar for £21m on a cash- and debt-free basis, funded from Halma's existing facilities. Further earn-out considerations, capped at £18m, are payable in cash, dependent on profit growth in each of the three financial years to the end of March 2021. UK-based Navtech provides radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications.
AstraZeneca and its global biologics research and development arm MedImmune announced final overall survival results for the Phase III MYSTIC trial on Friday, which was a randomised, open-label, multi-centre, global trial of Imfinzi (durvalumab) monotherapy and the combination of Imfinzi and tremelimumab, an anti-CTLA4 antibody, versus standard-of-care platinum-based chemotherapy in previously-untreated patients with stage IV non-small cell lung cancer. The FTSE 100 drugmaker said that in the primary analysis population of patients, Imfinzi monotherapy and the combination of Imfinzi plus tremelimumab did not meet the primary endpoints of improving overall survival compared to standard-of-care chemotherapy.
Cigarette maker Imperial Brands said it was developing a version of electronic cigarettes that could be locked to prevent possible underage use, after a fresh US regulatory crackdown on vaping. The announcement from FTSE 100-listed Imperial came a day after the US Food and Drug Administration announced new restrictions on flavoured e-cigs.
Newspaper round-up
Britain’s scheme for keeping the lights on through the winter has been thrown into chaos after a European court forced it to be suspended, triggering fears over security of supply. The government said that its “capacity market” scheme, which pays power station owners subsidies to guarantee that they are available to generate electricity if needed, had been halted after the ruling. - The Times
Britain’s leading consumer group has called on banks to justify nearly 13,000 bank branch closures that have left millions of people struggling to access vital financial services across the UK. Figures compiled by the consumer charity Which? show that the UK has lost nearly two-thirds of its bank and building society branches over the past 30 years, from 20,583 in 1988 to 7,586 today. - Guardian
Struggling low-cost airline Flybe has sold part of its Exeter headquarters in a bid to raise cash for "general working capital". Britain's biggest regional carrier put itself up for sale on Wednesday after profits plunged. Both the company and auditor PwC warned of a uncertainty over Flybe's future. - Telegraph
US close
US stocks closed higher on Thursday, reversing losses seen in the previous session, as the dollar surged against the pound and investors continued to eye the headlines around trade talks between the US and China.
At the close, the Dow Jones Industrial Average was 0.83% higher at 25,289.27, while the S&P 500 was up 1.06% to 2,730.20 and the Nasdaq was 1.72% firmer at 7,259.03.
After opening almost 200 points lower on Thursday, the Dow avoided recorded its longest skid in five months as a report that Washington looked set to back off its aggressive stance against China began to do the rounds.
Crude-oil futures surrendered earlier gains, while gold prices moved ahead 0.29% and the US dollar traded 0.11% firmer.