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FTSE opens flat as Trump imperils US stimulus
StockMarketWire.com
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UK stocks traded sideways early on Wednesday after Donald Trump demanded changes to a crucial US stimulus package and the clock continued to run down on last-ditch Brexit trade talks.
At 0819, the benchmark FTSE 100 index had edged 3.79 points lower to 6,449.37.
Oil company Cairn Energy jumped 36% to 225p after it won a long-running international arbitration case against the Indian government and was awarded $1.2 billion in damages plus interest and costs.
Cairn had been fighting against a large Indian capital gains tax bill since 2015.
Pub owner Marston's advanced 2.3% to 70.45p as it agreed to operate Brain's portfolio of 156 pubs in Wales, for an undisclosed sum, on a combination of leased and management contract arrangements.
Brains, a family business established in Cardiff in 1882, had been under financial pressure due to the pandemic. Its 1,300 staff would transfer to Marsten's.
Commercial property company British Land climbed 1.5% to 490.9p, having agreed to sell its 75% stake in a portfolio of three buildings in London's West End to Allianz Real Estate for £401 million.
Software group Sage shed 0.2% to 590.4p following news that it had agreed to sell its businesses in Asia and Australia to The Access Group for around £95 million.
Sage had told the market in November that it was holding the businesses for sale.
Property investor CLS rose 2.1% to 215.5p, having agreed to acquire an office building in Essen, Germany for €38.2 million.
Infrastructure investment company International Public Partnerships edged up 0.1% to 165.04p after it pledged additional investments into the Northern Diabolo rail link in Belgium.
Cell-based therapies group MaxCyte firmed 1.8% to 464p on guiding for annual financial results at its core life sciences business ahead of market expectations.
Pharmaceutical services group Open Orphan added 1.8% to 23.52p after 63%-owned drug development company PrEP Biopharm completed a toxicology study for a novel pan-viral prophylactic asset.
The animal model study provided safety data needed to move into longer duration dosing in clinical studies to validate efficacy against respiratory viruses, including Covid-19, influenza and the common cold. Story provided by StockMarketWire.com
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