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Market Report: FTSE gains on hopes UK Covid-19 restrictions might be lifted early

The Market Report with Katie Pilbeam. FTSE 100 made good progress on hopes that UK Covid-19 restrictions might be lifted early as infection rates have started to fall.  Hospitality groups were to the fore as London’s blue-chip index added 40 to 6,679.  

A row has blown up between AstraZeneca and the European Union over supplies of its Covid-19 vaccine. Brussels officials have threatened to block exports of vaccines to areas outside the EU such as Britain in response to a reduction in deliveries to Europe from Astra.  

Rolls-Royce Holdings PLC (LON:RR.) said it expects another £2bn cash outflow in 2021 but only if the airline industry gets going in the second half of 2021.

Saga PLC (LON:SAGA) is also being asked some tough cash questions and said that it has started talks with its lenders due to the continued suspension of its travels arm amid coronavirus restrictions.

Among the small caps, Faron Pharmaceuticals (LON:FARN) received approval by the US authorities to start the final stage of trials for COVID-19 treatment. The drug is for patients who have been hospitalised but do not yet need ventilation.

City Pub Group Plc (LON:CPC) has cut its cash burn by 14% to £300,000 per month after cutting costs by furloughing staff, reducing director salaries and negotiating with its landlords.

Jersey Oil and Gas PLC (LON:JOG) shares rocketed higher after an upgrade of resource estimates for the Buchan oil project in the North Sea. Recoverable oil is said to be 126mln barrels against 82mln barrels previously.

Quick facts: Faron Pharmaceuticals Oy

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AIM:FARN

Price: 410 GBX

Market Cap: £206.88 m

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Faron Pharmaceuticals presenting at the Proactive One2One Virtual Forum -...

Faron is a clinical stage biopharmaceutical company focused on building the future of immunotherapy by harnessing the power of the immune system in order to tackle cancer and inflammation. Since our founding in 2007, our goal has been to develop a diverse and unique pipeline rooted in high...

3 days, 5 hours ago

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