FTSE 100 Rises as AstraZeneca Gains on Positive Trial Result

0746 GMT - The FTSE 100 rises 0.3% to 7510 points as pharmaceutical stocks rally after AstraZeneca reported positive trial results of its cancer treatment Enhertu. AstraZeneca gains 2.2% after saying Enhertu significantly delayed metastatic breast cancer progression in a Phase 3 trial. "The news had a positive read across to the rest of the sector in underlining the potential strides which the major pharmaceutical companies are now making, while an oil price which remains ahead by 25% in the year to date gave some further support to the oil majors," Interactive Investor analyst Richard Hunter writes. Phoenix Group falls 0.5% after the life insurer posted lower first-half profits. Mining shares drop on lower metal prices after weaker-than-expected Chinese economic data. (renae.dyer@wsj.com)

 
Companies News: 

Treatt Lowers FY 2022 Pretax Profit Guidance Amid Inflation, Weaker US Consumer Sentiment

Treatt PLC said Monday that it is lowering its adjusted pretax profit guidance for fiscal 2022 after being hurt by a number of factors including lower consumer confidence in the U.S. and cost inflation.

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Echo Energy Raises GBP600,000 via Share Placing

Echo Energy PLC said Monday that it has now raised 600,000 pounds ($728,280) via the share placing announced on Friday.

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Phoenix Group on Track to Achieve Top End of 2022 Cash-Generation Target

Phoenix Group Holdings PLC said Monday that first-half operating profit remained at a similar level on a year-on-year basis and that it is on track to meet the top end of its full-year cash generation target.

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Safestay Swung to 2021 Pretax Profit After Lifting of Covid-19 Restrictions

Safestay PLC said Monday that it swung to a pretax profit for 2021 after Covid-19-related restrictions were lifted.

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TP Group 2021 Pretax Loss Widened on Higher Costs; Refinancing Process to Start in 2H

TP Group PLC said Monday that its 2021 pretax loss widened on higher costs, and that the board will start a group refinancing process in the second half of 2022 and will consider both debt and equity options.

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Inspiration Healthcare 1H Performance Robust on Strong Order Book

Inspiration Healthcare Group PLC said in an update Monday that performance has remained robust and consistent with management expectations for the six months ended July 31.

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Eckoh PLC 1Q Orders Were Substantially Higher on Year

Eckoh PLC said Monday that orders for the first quarter of the current fiscal year were substantially higher than the same period a year earlier and that it expects to report a significantly higher level for the half year.

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Gusbourne 1H Revenue More Than Doubled as Sales Recovered From Pandemic

Gusbourne PLC said Monday that revenue for the first six months of 2022 more than doubled, driven by a recovery in sales from pandemic effects.

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Seeing Machines Sees in-Line FY 2022 Revenue on Accelerated Growth Momentum

Seeing Machines Ltd. said in a performance update Monday that it foresees reporting revenue in line with expectations for fiscal 2022 after growth momentum accelerated.

 
Market Talk: 

Phoenix Looks Confident to Achieve 2022's Dividend Increase

0758 GMT - Phoenix Group Holdings seems to be confident to achieve its long-term cash generation target--in order to provide organic dividend growth in 2022--after reporting a better-than-expected 1H cash generation, analysts at RBC Capital Markets say in a research note. The European life insurer benefited from an improvement on the sector's fundamentals while factors like macroeconomic backdrop, regulations and coronavirus-related impacts seemed to be swinging in the sector's favor, they say. "Phoenix currently trades on an attractive 2022 dividend yield of 8.0%, with the dividend payment secured for the next 20 years," the analysts add. (michael.susin@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

August 15, 2022 05:06 ET (09:06 GMT)

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