Shire Pharma PLC (LON:SHP) was a good FTSE 100 gainer in mid afternoon trading, adding 3.5% at 4,345.5p after the drugs maker said it is mulling a separate listing for its neuroscience franchise as it revealed the cost savings from the US$32bn takeover of US rival Baxalta were currently ahead of forecast.
Shire updated on the Baxalta integration process alongside second-quarter result which saw its revenues match consensus forecasts – up 55% at US$3.74bn – while operating income was US$1.49bn, while earnings per share were US$3.73, slightly ahead of forecasts.
Elsewhere, British American Tobacco plc was also a blue chip riser, up 2.2% to 4,960p, rallying following recent sharp falls after a US FDA nicotine ruling, as JPMorgan reinitiated coverage on the cigarette maker with an ‘overweight; stance and a 5,610p price target
And Royal Bank of Scotland Group PLC (LON:RBS) took on 2.1% at 256.12p ahead of second-quarter results due tomorrow, with the state-owned lender set to being the sector reporting season to a close.
But emerging markets-focused lender Standard Chartered PLC (LON:STAN) was a faller again, down 1% to 786.9p after its results disappointed yesterday due to the lack of a dividend resumption, with Deutsche bank cutting its target price and repeating a ‘sell’ rating.
11.30am:Gattaca weak as Brexit, general election uncertainties hit recruitment confidence
Gattaca Plc (LON:GATC) was a big faller in late morning trading, shedding 10% at 272.25p as the specialist engineering and technology recruiter reported a 4% fall in like-for-like net fees impacted by Brexit uncertainties.
The AIM-listed group said the ongoing negotiations over the EU exit, tax changes and the UK general election eroded confidence in the hiring market and it expects its full-year profit to be "broadly" in-line with market expectations.
Spirent Communications PLC (LON:SPT) was also under pressure, losing 5% at 115.75p after the communications technology group saw a sharp slowdown in its Ethernet testing business in the first half.
Spirent said changes in customer priorities led to project delays in Ethernet testing, particularly in the second quarter.
And fund-raising moves weighed on Botswana Diamonds PLC (LON:BOD), off 6.8% at 1.38p, and Byotrol PLC (LON:BYOT), down 10.8% at 4.13p.
9.45am: Sunrise Resources and Stratex International strong early gainers after updates
Sunrise Resources Plc (LON:SRES) was easily the London market’s biggest gainer in early morning trading, surging 54% higher to 0.19p after the firm gave investors an update on its findings at the CS Pozzolan-Perlite Project in Nevada.
The AIM-listed group confirmed that a drill programme, which had been completed on schedule and was expand to 9 holes from 5 previously, encountered thick intervals of the natural fertiliser, Pozzolan-Perlite.
Elsewhere, Stratex International plc (LON:STI) saw its shares jump 14% higher to 1.4p after reporting interim results charting a period of transformation for the AIM-quote mine developer.
The firm agreed to acquire a Brazil-focused business with a large gold resource in the period and announced the disposal of its 45% share in the Altıntepe Gold Mine in Turkey.
That sale netted Stratex £6mln and resulted in a book gain of £2.9mln. It also left the business with just under £6.1mln on its balance sheet, which looked to please investors.
But disappointing investors today was news that Shanta Gold PLC’s (LON:SHG) chief executive, Toby Bradbury is to leave the company following recent changes to the regulatory regime for miners in Tanzania.
Eric Zurrin, currently chief financial officer, will take over as CEO and the focus going forward will be on cost control, Shanta said. In reaction, its shares shed 9% to 3.63p..
Other Proactive news headlines:
Sound Energy told investors that it has had the award of a new Morocco project rubber stamped by the authorities. In a stock market statement the gas explorer said that it has received formal final approval for the Matarka licence.
Empyrean Energy boss Tom Kelly told investors it is an exciting time for the company, as it confirmed that drilling is now underway on the Dempsey 1-15 exploration well. The well in California’s Sacramento Basin is targeting a possible 1 trillion cubic feet of gas resources.
Continuity of the gold intercepts at the Sanama Hill target at Ferensola in Sierra Leone has been confirmed by its latest drilling, said Sula Iron & Gold PLC (LON:SULA). The first three assays from the latest 14-hole campaign indicated the mineralisation extends along strike and down dip up to a depth of 300m and also remains open-ended.
SEC SpA is to take a significant equity stake in sector peer Porta Communications PLC (LON:PTCM) after pumping £3mln into the company. The public relations company has also entered into a commercial collaboration agreement with Porta.
Satellite Solutions Worldwide Group PLC has welcomed French President Emmanuel Macron’s recent announcement that although his government wants to accelerate the roll out of universal high-speed broadband coverage "It is impossible to keep the promise of fibre in to all households in France. SSW’s CEO Andrew Walwyn said the government's announcement should help "underpin our French business".
Continuing its strategy of industry partnerships, Lombard Risk Management plc (LON:LRM) is to work with collateral trading platform operator Elixium on an integrated offering for repurchase agreements.
Marketing and media analytics specialist Ebiquity plc (LON:EBQ) is on track to hit full-year market expectations after a solid first half performance. Total revenues for the six months to 30 June grew by 5%, with Ebiquity adding it remains confident in hitting its operating profits and earnings targets for the rest of the year.