UK stock market morning note (February 07, 2014)
February 7, 2014, Friday, 09:40 GMT | 04:40 EST | 14:10 IST | 16:40 SGT
The FTSE 100 is called to open higher this morning following the performances overnight on Wall Street and in Asia although gains may be limited as investors look ahead to the release of the US non-farm payrolls data at lunchtime. Prior to this attention will have been on domestic economic data with the publication of manufacturing and industrial production together with trade balance figures. Commodity prices are flat to slightly firmer and on the foreign exchanges, the pound is up against both the dollar and the euro but within narrow trading ranges as markets await the US jobs data. It is a quieter finish to the week again for major corporate news.
Shire Vyvanse Phase 3 Top Line Results. The company has announced that results from two pivotal phase 3 studies for Vyvanse relating to major depressive disorder did not meet the primary efficacy endpoint. Based on these clinical trial results, Shire will no longer pursue this clinical development programme. It added that whilst this news was disappointing, it will later in the year file with the US FDA a new indication for Vyvanse in binge eating disorder in adults and noted that Vyvanse is an effective and leading treatment for attention deficit/hyperactivity disorder.
AO plc Intention to Float. The UK's leading online retailer of major domestic appliances has confirmed its intention to float on the main market. The listing will comprise of an offer of new shares to raise gross proceeds of GBP60m and an offer of existing shares to be sold by selling shareholders. It is expected that the offer will complete in March 2014 and that the company will be eligible for inclusion in the FTSE UK Index Series at the quarterly review in June 2014.