AstraZeneca's Saphnelo receives EU approval, Primary Health Properties hikes dividend
London pre-open
The FTSE 100 was being called to open 13.7 points higher ahead of the bell on Wednesday after closing 1.03% firmer in the previous session at 7,608.92.
Stocks to watch
Drugmaker AstraZeneca revealed on Wednesday that Saphnelo had received European Union approval as an add-on therapy for the treatment of adult patients with moderate-to-severe, active autoantibody-positive systemic lupus erythematosus.
AstraZeneca said the European Commission's approval of Saphnelo, the first biologic for SLE approved in Europe with an indication that was not restricted to patients with a high degree of disease activity, was based on results from the drug's clinical development programme, including its TULIP Phase III trials and the MUSE Phase II trial.
Primary Health Properties lifted its dividend on Wednesday as it unveiled a rise in annual earnings, driven by demand for facilities to catch up on the backlog of delayed operations due to the Covid pandemic.
The FTSE 250-listed company posted adjusted earnings of £83.2m, up 13.8% year-on-year on a 4.2% increase in net rental income to £136.7m. As a result, PHP's dividend was hiked to 6.2p per share from 5.8p.
Indivior said on Wednesday that it was considering a US listing after the drugs company swung to an annual profit and predicted strong growth for its Sublocade opioid.
Net income for the year ended 31 December was $205.0m, compared with a $148.0m loss a year earlier, while net revenue rose 22% to $791m. The FTSE 250-listed company also said it would consult shareholders about an additional listing for its shares in the US, where it makes about 80% of revenue.
Newspaper round-up
A promotion by the fast-fashion retailer Boohoo that used "sexually suggestive" images of a model in an oversized T-shirt and thong-style bikini bottoms has been banned by the UK advertising watchdog for objectifying and sexualising women. The online retailer used several images of the model, including a shot taken from the rear of her kneeling and another of her sitting with her legs apart, which prompted a complaint to the Advertising Standards Authority that the promotion was offensive, harmful and irresponsible. - Guardian
The UK car industry has warned of a "growing regional divide" in the provision of electric car chargers, as it called for a new regulator to oversee legally binding targets for charger installation. The number of publicly available chargers has not grown fast enough to keep up with the soaring number of battery-powered electric cars on British roads, according to the Society of Motor Manufacturers and Traders, a lobby group. Public charger numbers rose by 82% between 2019 and 2021, but this pales in comparison with the 600% jump in the number of electric cars during the same period. - Guardian
The average asking price for a used car has broken through £20,000 for the first time, as the microchip shortage squeezes supplies of new vehicles. The figure has risen by more than £4,000 in just six months, to £20,340, up 29% from a year ago, according to Auto Trader. The latest gain marks the 93rd consecutive week of increases as buyers fight over a limited supply of used stock and the number of new cars being made has fallen to a 65-year low in the UK. - Telegraph
The Financial Conduct Authority faces pressure to pay more compensation to the victims of the London Capital & Finance scandal after an independent commissioner dismissed the watchdog's approach as flawed. In an embarrassing blow to the FCA, the Financial Regulators Complaints Commissioner has recommended it changes the way it has calculated compensation, withdraws its previous decisions on London Capital & Finance and reruns the process. - The Times
Atom Bank has been valued at £435.0m in what is likely to be the digital lender's last fundraising round before it attempts a listing on the stock exchange. The Durham-based company has raised £75.0m from its two biggest shareholders — BBVA, the Spanish banking group, and Toscafund, the British investment manager — and has opened the round to its other existing investors. The bank is moving into profitability and is looking at an initial public offering, which Mark Mullen, its chief executive, said was likely next year. - The Times
US close
Wall Street stocks closed higher on Tuesday after word broke that Russia had pulled back a number of troops from the Ukrainian border.
At the close, the Dow Jones Industrial Average was up 1.22% at 34,988.84, while the S&P 500 was 1.58% stronger at 4,471.07 and the Nasdaq Composite saw out the session 2.53% firmer at 14,139.76.