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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Pharma & Biotech

Most followed: Clegg, Farage, Miliband, Beowulf Mining, BG Group, Man Gp, Just Eat, Sirius Minerals

There seems little doubt that the City is pleased with the election result.

Some pundits suggested that it was not so much that the Tories won, as the prospect of some continuity in government.

Continuity only goes so far, of course; Nick Clegg will not be with David Cameron in government, as he has resigned as leader of the Liberal Democrat.

On the subject of party leaders resigning, Nigel Farage has stuck to his vow to resign as leader of UKIP should he not get elected in Thanet, while Labour leader Ed Miliband is expected to announce his resignation this afternoon.

In corporate news, gas giant BG Group (LON:BG.) has announced the expected sharp fall in profits ahead of its planned takeover by Royal Dutch Shell.

First quarter core earnings fell 41% to US$1.59bn, while pre-tax profit slumped to US$708mln from US$1.9bn the year before.

Just Eat (LON:JE.), the fast growing online takeaway food orders clearing house, has agreed to buy its Aussie counterpart, Menulog, for £455mln.

The UK firm will fund the deal through a share issue.

Hedge fund group Man Group (LON:EMG) has had a tough few years, losing its place in the FTSE 100 in the process, but it could be seeing a return to its glory days after funds under management (FuM) rose to record levels.

FuM at the end of March stood at US$78.1bn, up 7% from the year-end figure of US$72.9bn.

Since the end of March, FuM is estimated to have risen to US$82.0bn, including the US$2.4bn gained through the acquisitions of the NewSmith and BAML fund of funds.

In the small cap world, Bevan Metcalf has been named as non-executive chairman of Beowulf Mining (LON:BEM), a role the iron ore miner says he has effectively been filling for the past six months anyway.

Shares in Sirius Minerals (LON:SXX) have taken a bit of a dip after the potash project developer revealed that the proposed committee date for the determination of its mine and mineral transport system application to the North York Moors National Park Authority will be 30 June 2015, with the following day also available if required.

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