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FTSE 100 takes a battering after night of electoral drama

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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.

Concerns over slowing economic growth are hitting the miners, while worries over the spread of the Ebola virus hit travel-related stocks such as TUI travel and Carnival.

Formation Group (LON:FRM) is enjoying a rare sojourn in the spotlight after it completed on the purchase of a London development site for a total consideration of £5.9m.

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.

Other minnows swimming upstream include Tavistock Investments (LON:TAVI), up 9.4%, and Oxford Biomedica (LON:OXB), up 8.3%.

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.

Oxford Biomedica, meanwhile, is wanted after announcing a second major agreement with pharma titan Novartis.

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.

Shares in Carclo (LON:CAR) are down 15% as the engineer announced it has commenced a strategic review of its CIT Technology.

“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.

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