The high street retailer may have seen its shares hit hard off earnings news released ahead of the weekend break, but some investors have taken this as a signal to load up on stock with a TR-1 form revealing that a division of Fidelity had upped their stake to beyond 5%. That’s sent the stock up by more than 7% in early trade, testing levels not seen since the start of the year as a result and comfortably recovering Friday’s losses as a result.
Pharmaceuticals giant GSK saw around £7 billion wiped off its valuation this morning after courts in the US ruled that the company will face a jury trial over litigation relating to side effects alleged to have resulted from taking its heartburn drug, Zantac. This case has been ongoing for the last couple of years and regulators on both sides of the Atlantic have previously said there’s no case to answer. investors who were hoping for a quick resolution have clearly seen sentiment knocked. Shares are down more than 9% just after 9am.
The engineering supplier to the oil and gas industry Hunting saw its shares leap higher on Monday morning after announcing a deal with Kuwait Oil Company. This is a follow on order worth $86m and takes the group’s order book to a record $751m. Management note that this reflects more evidence that offshore activity in the oil and gas sectors continues to grow. Shares had traded as much as 9% higher shortly after the open before giving back some of those gains by copy time.
Headlines we expect on Tuesday
Chemring Interim Results
This time last year Order intake £338m, Revenue £212m, Underlying operating profit £27m.
