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FTSE falls as US stimulus and Brexit talks drag on
StockMarketWire.com
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The UK's benchmark FTSE 100 index fell 0.24% to 6,437 just before midday with markets on edge as outgoing US president Donald Trump demanded changes to a crucial US stimulus package and the clock continued to run down on last-ditch Brexit talks.
But the more domestically focused FTSE 250 index fared better, gaining 0.46% to 20,042.32, as optimism slowly grew that a Brexit deal could be reached.
In corporate news, oil company Cairn Energy jumped 20.8% to 200.4p 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 7.69% to 74.2p 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 Marston's.
Commercial property company British Land climbed 0.8% to 487.5p 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 0.27% to 590p 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 0.7% to 212.47p, having agreed to acquire an office building in Essen, Germany for €38.2 million.
Infrastructure investment company International Public Partnerships dipped 0.28% to 164.34p after it pledged additional investments into the Northern Diabolo rail link in Belgium.
Cell-based therapies group MaxCyte jumped 7.46% to 490p on guiding for annual financial results at its core life sciences business ahead of market expectations.
Pharmaceutical services group Open Orphan added 3.25% to 23.85p 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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