FTSE edges higher after Wall Street bounce

FTSE 100 pushed higher in early trading, up 34 points to 7,271. The index was helped by a late recovery on Wall Street yesterday following the bank holiday.

Frasers Group announced Mike Ashley will not stand for re-election as a director at this year’s AGM. He will step down from the board in a month.

Profits at Kingfisher slumped 30% in the first half, although sales were significantly ahead of pre-pandemic levels. The B&Q and Screwfix owner anticipates full-year results in-line with expectations.

Haleon reported a 22% increase in profits in its first set of results after being spun out of GSK. The group said the positive momentum seen in the first half slowed very slightly in the third quarter.

Faron Pharmaceuticals said data from its early phase clinical trial showed patients taking its cancer drug enjoyed a significantly higher survival rate than those who didn’t. Bexmarilimab was used on multiple different tumour types to assess both its safety and efficacy.

Synairgen will present findings next month that show that its SNG001 drug reduced the relative risk of long Covid symptoms compared to a placebo. The findings are based on an analysis of data from follow-up visits to patients hospitalised with Covid-19.

Ethernity Networks announced a follow-on contract worth US$4.6mln with a Chinese broadband network customer. The deal involves Ethernity supplying system-on-chip devices to enable Fiber-to-the-Room deployments, an alternative to Wi-Fi.

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