At one point Footsie was nursing a hundred point fall, but it has since recovered a tad.
The FTSE 100 is off 76 points at 6,356 as investors mull over last night’s electoral successes for the UKIP party and yesterday’s shake-out in the US.
Tullow (LON:TLW) is one of the hardest hit after the Sputnik-1 well off the coast of Gabon proved to be a disappointment.
The development consists of 19 apartments and one commercial unit with a timetable of 16 months to complete, the company announced in a statement that sent shares almost 13% higher.
The former said significant progress has been made in the four months since it made its initial acquisitions back in June.
“We are also engaged in an increasing number of discussions which may lead to further expansion in the coming months,” revealed Brian Raven, Tavistock’s chief executive.
Novartis will pay US$14 million upfront, including a US$4.3 million equity subscription, for a non-exclusive worldwide development and commercialisation licence in oncology under the UK group's LentiVector platform.
Oxford’s manufacturing contract has an initial three year term. Additionally, Oxford has granted Novartis an exclusive licence for the worldwide development and commercialisation of all Chimeric Antigen Receptor (CAR) T cell products arising from the process development collaboration.
“The financial position remains comfortable and it should be noted that any CIT write down would have no impact on the group's ability to meet its banking covenants,” the company said.