Shares in London leapt out of the blocks this morning as investors took hope that lockdown easing will spread without too many flare ups in the coronavirus. Our Trader writer Neil Wilson says: 'Equities and oil are higher as investors cautiously welcome signs lockdowns are ending but markets remain in this tug-of-war pattern where we simply don’t know whether the damage will be a lot worse than feared or the recovery will be much swifter. Indices remain in broad ranges are still seeking direction. On Sunday, Robert Chote of the UK budget watchdog warned a V-shaped recovery was unlikely. Fed chair Jerome Powell cautioned recovery in the US would likely be slow, and it could take a vaccine to see activity rebound to 2019 levels'. For Neil's full article, click here.
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AstraZeneca (AZN) and Daiichi Sankyo’s ‘Enhertu’ drug has received breakthrough therapy designation (BTD) in the US for patients with a type of metastatic non-small cell lung cancer. Astra also said this morning that its ‘Bevespi Aerosphere’ has been approved in China as a maintenance treatment for patients with chronic obstructive pulmonary disease (COPD). Nearly 100m people in China are affected by COPD. Bevespi Aerosphere has already been approved in America, the EU and Japan as a long-term maintenance treatment of moderate to severe COPD. Buy.
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Ryanair (RYA) recorded a full-year post-tax profit of €649m but expects first quarter losses of over €200m, expecting to carry less than half the 154m passengers it envisaged for its 2021 financial year. Ryanair has also registered a €353m charge in relation to fuel hedges, after coronavirus prompted a collapse in fuel prices.
Alliance Pharma (APH) has not experienced any significant supply disruption due to Covid-19, but – as expected – it has seen “some impact” year-to-date on revenues. Management believes that the group’s balance sheet and “significant covenant headroom” leave it well-placed to respond to rising demand as lockdown measures are eased. The group’s virtual AGM is taking place this morning.
Burford Capital (BUR) has failed in its attempt to convince a High Court judge to force the LSE to release trading data that the litigation finance group argues would unmask manipulation of its stock. The litigation finance outfit has decided not to appeal. Shareholders who felt their investments collapsed in value without reason last August must now hope for a return in market sentiment or strong trading conditions.
Iron ore miner Ferrexpo (FXPO) has picked another interim chief executive, handing the job to chief operations officer Jim North. He will take over from finance chief Chis Mawe, who will go back to doing his regular job on 28 May. The company’s majority shareholder and chief executive Kostyantin Zhevago is under investigation by the Ukrainian authorities over the collapse of his bank Finance & Credit. The company said Mr Zhevago stepped down from the top job “to enable [him] to focus on ongoing matters in Ukraine”. Mr Mawe has filled in since October.
A global HIV prevention study run by Viiv Healthcare – majority-owned by GlaxoSmithKline (GSK) - will stop early after it was found that Viiv’s long-acting jab of ‘cabotegravir’ dosed every two months is more effective than daily pills.
Vodafone (VOD) has secured a partnership with Chinese smartphone brand Oppo, that will bring a range of its handsets, including 5G capable devices, to some of its European markets in May. In the first phase of the deal, Oppo products will be introduced in the United Kingdom, Germany, Spain, Portugal, Romania, Turkey and the Netherlands.
