Market Report: All eyes on Biden and Harris inauguration

FTSE 100 pushed higher but all attention is on the inauguration of new US president Joe Biden.

Joe Biden is to be sworn in as US president today along with soon to be Vice-President Kamala Harris. The two will be tasked with re-uniting a country politically divided with a devastating pandemic. Donald Trump not be attending the ceremony.

IAG (LON:IAG) has negotiated a 50% reduction in the price for the acquisition of Air Europa agreed before the pandemic. The British Airways owner will now pay €500mln.

Burberry Group PLC (LON:BRBY) said Brexit has made the UK less attractive as a destination for luxury shopping. Quarterly sales dipped 4% thanks to growth in Asia. UK inflation ticked up to 0.6% in December in spite of coronavirus restrictions.  Rising transport costs over Christmas and higher clothes prices were the cause said the ONS.

Among the small caps, Faron Pharmaceuticals says observations on its new precision cancer drug suggest its immune-stimulating effects may be broader than first thought. Faron said the data was ‘striking’.

Angle meanwhile said new research shows its Parsortix liquid biopsy is able to identify a certain type of cancer cell that is indicative of the spread of the disease throughout the body – a process called meTAStasis.(CTC).

Shanta Gold (LON:SHG) confirmed 625,000 ounces of group wide gold reserves. The reserves are defined across two projects in Tanzania whilst the resource inventory is made up across all three projects in Tanzania and Kenya.

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