- FTSE 100 down 31 at 8,792
- CMA investigates PHP-Assura merger
- AstraZeneca wins EU approval for Imfinzi
- US Congress passes new spending bill
- Tariff deadline looms
11.30am: Small Cap Headlines
London BTC Company Limited (LSE:BTC, OTCQB:VINZF) shares rose 3.7%, taking gains for the past month to 47%, on news it has raised £1 million to ramp up its Bitcoin treasury strategy. The firm secured £700,000 via a WRAP retail offer and £300,000 through a direct share subscription. CEO Hewie Rattray said demand exceeded targets, but the raise was capped strategically. Read more
Shares in Cel AI PLC (LSE:CLAI), the London-listed AI platform, rose 12.5% after it said it has added over $678,000 worth of Bitcoin to its balance sheet as part of its treasury diversification strategy. The company said it acquired 6.18 Bitcoin at an average price of just under $110,000 apiece, using funds from an early advance tied to its planned £10mn fundraising. Read more
AFC Energy PLC (AIM:AFC, OTC:AFGYF) has formed a joint venture with Industrial Chemicals Group to produce hydrogen from ammonia in the UK. Using AFC’s cracking technology, the partnership aims to supply low-cost hydrogen without subsidies. Commercial rollout is planned by 2026, starting with AFC’s Hy-5 units. AFC Energy's shares jumped 8.2%. Read more
Shares in Aptamer Group PLC (AIM:APTA) fell 8% after the company announced a £2 million fundraise through a discounted share placing. The new shares were issued at 0.3p, more than 20% below Thursday's closing price. The placing comprises a firm allotment of £1.2mn and a conditional tranche of £800,000, subject to shareholder approval. Read more
Huddled Group PLC (AIM:HUD) jumped over 10% on news it has struck a major fulfilment deal with THG Ingenuity to boost growth after a strong second quarter. The agreement gives Huddled access to THG’s automated centres, enabling same-day delivery for orders placed by 1 am. Executive chair Martin Higginson said the partnership rivals Amazon’s logistics. Read more
10.40am: Competition watchdog eyes Assura takeover
Shares in Assura Group (LSE:AGR) are unmoved at 50.2p this morning on news that the Competition and Markets Authority (CMA) is investigating its £1.79 billion takeover by Primary Health Properties PLC (LSE:PHP, OTC:PHPRF).
In a statement, the regulator said will assess whether the deal could reduce competition in UK healthcare property markets. PHP raised its bid to outpace a rival offer from KKR and Stonepeak.
If the deal gets the green light, Assura shareholders will receive new PHP shares, 12.5p in cash, and a 0.84p special dividend per share. The offer values Assura shares at up to 55p each, a 5.8% premium to the competing bid. Investors will own about 48% of the merged group. The Assura board supports PHP’s offer, funded by a £1.23 billion loan facility.
Primary Health Properties' shares are up 0.13% at 96.8p.
9.20am: Europe indices head lower into weekend
The Footsie is still trading in a range of 0.2% to 0.3% down as the morning progresses, with little impetus ahead of the weekend and no steer from Wall Street due to the 4th of July holiday.
Other European markets are also in the red, with Frankfurt's DAX down 0.5% and the Paris CAC 40 0.8% lower.
“Surprise at US jobs market resilience and Congress passing Trump’s tax-cut bill helped to drive Wall Street higher last night, yet the party did not extend to Europe at the end of the trading week,” said AJ Bell's Dan Coatsworth.
“European indices were all in the red as a lack of corporate news shifted investors’ focus to the imminent end of Trump’s 90-day pause on higher trade tariffs. Unsurprisingly, defensive stocks were top of investors’ shopping lists as they sought industries that should tick over without any drama regardless of what’s happening in the world such as telecoms, groceries, utilities and tobacco producers."
Vodafone, Sainsbury’s and BT are among the top risers on the FTSE 100, but their strength had not been enough to offset weakness from the mining sector, Coatsworth noted.
8.40am: AstraZeneca unmoved by Imfinzi win
Shares in AstraZeneca PLC (LSE:AZN) are flat this morning despite news that cancer drug Imfinzi just scored EU approval to treat muscle-invasive bladder cancer before and after surgery—the first immunotherapy in Europe cleared for this.
The green light follows impressive trial results showing Imfinzi cut the risk of the cancer coming back by 32% and slashed the risk of death by 25%. Two years on, 82% of patients were still alive.
Dr Michiel Van der Heijden, who led the research, said this approach could be a game changer, as nearly half of patients normally see their cancer return even after chemo and surgery.
8.15am: Footsie off to a poor start
The FTSE 100 fell at the open in what's expected to be a quiet session with US markets closed for the Independence Day holiday.
London's blue chip index was down 25 points shortly after the start of trade at 8,798.10, a loss of 0.28%.
Ashtead Group PLC (LSE:AHT), Antofagasta PLC (LSE:ANTO) and Glencore PLC (LSE:GLEN) led the decliners, down between 1.5% and 2%.
Among the morning's winners are Vodafone Group PLC (LSE:VOD), British American Tobacco PLC (LSE:BATS) and J Sainsbury PLC (LSE:SBRY), with modest gains.
7.45am: Attention back on tariffs
US trade tariffs are likely to contribute to the market mood over the next few days ahead of the 90-day deadline on 9 July. President Donald Trump has said letters are going out from today informing countries of the tariffs they face for exports to the US. In some cases, trading partners face tariffs of 10% to 20%, but they could go as high as 60% or 70%.
Trump's 'big beautiful bill' may also dampen sentiment after Congress narrowly passed his signature tax and spending bill after US markets closed on Thursday. The bill delivers the tax cuts Trump pledged during his 2024 campaign, slashes funding for health and food safety programs, and eliminates numerous green energy incentives.
It also avoids an immediate US government default but worsens the country’s long-term debt challenges. The legislation raises the government’s $36.1 trillion borrowing cap by an additional $5 trillion—an increase expected to ease fears of a potential default later this summer.
"The bill narrowly passed and is expected to be signed later today—Independence Day—adding political theatre to fiscal policy," commented Swissquote Bank's Ipek Ozkardeskaya.
"This tax package is projected to push the US national debt past $40 trillion in the coming years, a looming concern for global investors. Should foreign appetite for US debt fade—as the UK’s recent experience has shown—it could raise long-term borrowing costs and put pressure on US Treasuries. That, in turn, could dampen risk appetite and increase the likelihood of a market correction, particularly given current lofty valuations."
7.20am: FTSE 100 set for soggy start
The FTSE 100 is predicted to open lower, giving back some of Thursday's gains, despite a strong session on Wall Street overnight that saw the S&P 500 and the Nasdaq reach new records, while the Dow Jones also flirted with its all-time high.
Futures are calling the London benchmark 19 points lower when trade gets underway following a 48.5 point rise yesterday, which took the index to 8,823.20, its highest in more than two weeks.
US stocks were buoyed by a better-than-expected jobs report, which pushed the S&P 500 0.8% higher, while the Nasdaq climbed 1% and the Dow closed 0.8% up. US markets are closed today for the Independence Day holiday.
Asian markets are mixed this morning. Tokyo's Nikkei is up 0.1% and Shanghai's SSE Composite is 0.2% firmer, but Hong Kong's Hang Seng index has shed 0.8% and the BSE Sensex in India is down 0.2%.