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27 Jun 2019 | 09:33

UK stocks rise ahead of G20 summit

UK stocks are rising this morning ahead of this weekend's G20 summit, which starts on Friday, and US President Donald Trump's meeting with Chinese premier Xi Jinping amid hopes of a resolution to the ongoing trade dispute.

At 08:58, the benchmark FTSE 100 was seen up 0.18%, or 13.46 points, at 7,429.85.

AstraZeneca moved 0.38% higher after it said its small cell lung cancer drug had met its primary goal as it showed a "clinically meaningful" improvement in survival rates of patients suffering from the disease compared with chemotherapy alone.

Pub group Greene King added 4.38% after it reported a fall in annual profits and warned that poor weather and consumer uncertainty would hurt sales in the coming year.

Go-Ahead slipped 0.26% after it announced the appointment of Clare Hollingsworth as non-executive Chairman Designate effective from 1 August 2019.

Hiscox lost 1.24% after it said Richard Watson would be retiring from his role as Chief Underwriting Officer of the company after 33 years.

Essentra edged 0.019% higher after it said it had acquired Innovative Components and Componentes Innovadores Limitada for an undisclosed cash consideration.

Energy services group Hunting Titan climbed 0.19% after it said it expected first-half earnings to be marginally ahead of last year's, as a rise in oil prices stabilised the US onshore completions market.

Serco rose 4.67% as it said it saw over 20% growth in first-half underlying trading profit with revenue up 6%. It added it now expected 2019 revenue to come out in the top end of the previously announced range amid favourable currency movements.

Pendragon dropped 3.94% after it said that current CEO Mark Herbert would leave the company "by mutual agreement" with effect from 30 June 2019.

Ahead of its AGM, supply chain solutions provider Wincanton shed 2.25% after it confirmed that trading continued in line with expectations.

Kingfisher grew 2.96% as it appointed Thierry Garnier as Chief Executive Officer to replace Veronique Laury.

Allergy Therapeutics jumped 6.42% as it said it expected to generate earnings ahead of market expectations amid lower-than-anticipated overheads through cost control and lower R&D costs. The company also said it had received a $7.6m settlement from Inflamax.

Syncona climbed 2.28% as it said it had agreed to sell its portfolio company Blue Earth Diagnostics to global diagnostic imaging leader Bracco Imaging for $450m, plus a closing adjustment of around $25m.

Harwood Wealth Management lost 2.04% even as it reported a surge in profits amid more stable equity markets in the second quarter and as its in-house investment portfolios bolstered growth. Story provided by
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