FTSE 100’s early gains quickly evaporated with the index down 27 points at 7205. Retailers are providing some support led by Ocado and Sainsbury’s but miners are the main culprits.
Sainsbury’s is higher even though reported a fall in sales compared to last year as customers tightening spending amid the cost of living crisis. The dip was mainly driven by lower general merchandise and clothing revenues.
AstraZeneca has struck a deal to purchase TeneoTwo, a US based blood cancer drug development company, for an initial U$S100mln. The FTSE 100 company said it has agreed to buy the company and its main drug assets.
Tesla will pause production at its plants in both Shanghai and Germany for several weeks as it starts work to bolster production, according to reports. The EV manufacturer just last week reported record production numbers in June.
Older people’s ‘superbrand’ Saga said it remains on track to post an underlying profit this year thanks to a strong rebound in demand for cruises and holidays. Saga expects to generate an underlying profit before tax of £35-50mln this year.
Supreme warned that revenue and underlying earnings are likely to be below last year and below market expectations due to a slowdown in lighting sales. The battery and lighting distributor, which also sells e-cigarettes, said it is slashing its dividend payout ratio from 2023 onwards.
Destiny Pharma started a new research programme to investigate the efficacy of a preventive medicine for people suffering from oral mucositis because of cancer treatment. The research into XF-73 will be conducted in the US by expert Professor Stephen Sonis.