The FTSE 100 rallied again as UK retail sales came in much better than expected and US indices pushed on higher towards new records. London’s blue-chip index was 42 points up at 7,012 in early trading. People tucking into snacks as they watched the Euros football tournament helped retail sales rise by 0.5% in June, said the ONS. It followed a weak number in May but food sales jumped by 4.2% this time.
Ultra Electronics (LSE:ULE) (LSE:ULE) has received a non-binding takeover approach from aerospace group Cobham valuing the defence business at just under £2.6bn. Cobham is offering shareholders 3,500p per share in cash plus an interim dividend.
US-listed Snap Inc (NYSE:SNAP) shares surged in after-hours trading overnight after the disappearing messages app reported revenues more than doubled in its second quarter. Earnings also blew past analyst estimates for the period.
Alliance Trust (LSE:ATST) PLC is to exclude stocks with significant exposure to thermal coal and tar sands from its portfolio. The switch will not result in significant divestments, said the old-school investment trust.
Record PLC (LSE:REC) (LSE:REC), the specialist currency and derivatives group, saw assets under management grow 5% in the April-June quarter to US$84.5bn. Net inflows during what is its first quarter totalled US$1.8bn.
Oncimmune Holdings PLC (AIM:ONC, FRA:OCY) (AIM:ONC, FRA:OCY) (LON:ONC) has signed a profiling contract with a world-renowned cancer centre in the United States. The Dana-Farber Cancer Institute will use Oncimmune’s SeroTag technology to assess for resistance to checkpoint inhibitor drugs and chemotherapy.