9th Mar 2026 08:02
(Alliance News) - AstraZeneca secures US priority review for Enhertu, GSK agrees linerixibat deal with Alfasigma, while AdvancedAdvT rules out M&C Saatchi bid.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: opened 1.5% lower at 10,133.40 points
GBP: lower at USD1.3345 (USD1.3387 at previous London equities close)
----------
ECONOMICS
----------
Oil prices surged sharply as Iran launched retaliatory strikes against crude-producing Gulf nations, pushing both Brent and West Texas Intermediate to peaks just below USD120 a barrel after jumping around 30%. European gas prices also climbed roughly 30% on Monday amid fears of supply disruption. Since the start of the conflict, WTI has risen more than 75% while Brent is up over 60%. The rally later eased after the Financial Times reported that finance ministers from the G7 nations would discuss a coordinated release of emergency reserves with the International Energy Agency. Despite the surge, prices remain below the level they reached in 2022 at the outbreak of the war in Ukraine.
----------
US President Donald Trump sought to play down the impact of the turmoil he has unleashed, insisting the prices will "drop rapidly when the destruction of the Iran nuclear threat is over" and were a "very small price to pay". "ONLY FOOLS WOULD THINK DIFFERENTLY," he asserted in a post on his Truth Social platform. After Iran's supreme leader was killed in an Israeli strike at the start of the war, his son Mojtaba Khamenei was named as his successor on Sunday, in a move likely to draw the ire of Trump, who has previously said he would be an "unacceptable" pick.
----------
The US State Department has urged non-essential diplomats to leave Saudi Arabia "due to safety risks." "On March 8, 2026, the Department of State ordered non-emergency US government employees and US government employee family members to leave Saudi Arabia due to safety risks," the US embassy in Riyadh said in a Monday advisory. The department had previously urged citizens in more than a dozen countries across the region to leave immediately due to safety risks amid the conflict in Iran, which started at the end of February.
----------
Keir Starmer will promise to protect Britons from the economic impact of the Middle East conflict as oil prices soared. The UK prime minister will acknowledge people's concerns about the threat of rising bills in the wake of the US-Israeli assault on Iran and Tehran's reprisals against countries across the region. Ahead of a visit to a community centre in London on Monday, Starmer said "supporting working people and their families with the cost of living is always top of my mind". Most UK households will be protected from the impact of rising energy prices in the short term by the energy price cap. But rising oil prices will feed through to higher costs at petrol stations. And the risk of high energy costs pushing up inflation means the Bank of England is now unlikely to cut interest rates this month, as had previously been expected.
----------
BROKER RATINGS
----------
JPMorgan cuts Antofagasta to 'neutral' (overweight) - price target 3,200 (4,400) pence
----------
Barclays raises International Consolidated Airlines Group to 'overweight' - price target 440 pence
----------
Bernstein cuts Wizz Air price target to 2,500 (3,000) pence - 'outperform'
----------
COMPANIES - FTSE 100
----------
AstraZeneca and Daiichi Sankyo say their co-developed breast cancer treatment Enhertu has been granted priority review in the US. The US Food & Drug Administration has accepted a supplemental biologics licence application for Enhertu, also known as fam-trastuzumab deruxtecan-nxki, putting it on track for accelerated approval. The decision follows positive phase III trial data and applies to adults with HER2-positive breast cancer who have residual invasive disease after pre-surgical treatment. Enhertu previously received breakthrough therapy designation and is being reviewed under Project Orbis, which allows concurrent assessment of oncology medicines by international regulators. Daiichi Sankyo says the review marks an important step in expanding treatment options for patients at high risk of recurrence, while AstraZeneca says the designation moves the drug closer to becoming a potential new standard of care in the post-neoadjuvant setting. AstraZeneca and Daiichi expect a regulatory decision from the FDA in the third quarter of 2026.
----------
Pharmaceutical companies GSK and Alfasigma agree a global licence deal under which Alfasigma acquires worldwide exclusive rights to develop, manufacture and commercialise linerixibat, an investigational treatment for cholestatic pruritus in primary biliary cholangitis. Under the terms, GSK will receive USD300 million upfront and a further USD100 million upon US Food & Drug Administration approval, which is expected before closing based on a March 24 target date. GSK is also eligible for USD20 million on EU and UK approval, up to USD270 million in sales-based milestones and tiered double-digit royalties on global net sales. Linerixibat has been granted orphan drug designation in the US, EU and Japan, and is under regulatory review in multiple markets following positive phase III Glisten trial results. The drug is not yet approved anywhere.
----------
Educational materials publisher Pearson says it has repurchased around GBP74 million of shares so far under the first tranche of its GBP350 million buyback programme, with up to GBP101 million to be deployed in total under its agreement with Citigroup Global Markets. The first tranche is now expected to complete on or before April 2. The firm has appointed Morgan Stanley to execute the second and final tranche, which will begin after completion of the first and is anticipated to conclude by May 29.
----------
Endeavour Mining reports a fatal accident at its Mana mine in Burkina Faso, where a contractor died on Friday from injuries sustained during maintenance activities at the site's scrapyard. The miner says mining and processing operations remain uninterrupted while it conducts an internal investigation into the incident.
----------
COMPANIES - FTSE 250
----------
HgCapital Trust reports a net asset value total return of 4.0% for 2025, with NAV per share rising to 561.5 pence at December 31, up 4.0% from 545.5p a year earlier. Net assets stood at around GBP2.6 billion at the year-end, up from GBP2.5 billion in December 2024. The investment trust notes that its performance lagged its benchmark, the FTSE All-Share index, which delivered a 24.0% total return over the same period. HgCapital's share price total return was negative 4.9% during the year. The trust says underlying trading across its enterprise software portfolio remained strong despite market volatility. Portfolio companies delivered revenue growth of 17% and Ebitda growth of 19% over the last twelve months, with margins of 33%, broadly in line with the prior year. The trust, which provides access to private equity investments of manager Hg, made investments of GBP357 million in 2025 and generated GBP215 million of realisation proceeds, with exits achieving an average uplift of 25% to book value. Chair Jim Strang says: "Against the challenging macro-environment backdrop and volatile environment for technology investments, companies within the HgT portfolio continued to report strong and consistent underlying trading performance, with LTM sales growing at 17% and Ebitda growing at 19% respectively, with Ebitda margins of 33%. These figures are consistent with those reported last year and compare favourably with similar businesses. In this uncertain world investors should be comforted by the experience, focus and discipline of Hg as a technology investor targeting investments with very specific characteristics which serve to tilt the risks and returns of investing in their favour."
----------
Pan African Resources agrees to acquire Australia-based Emmerson Resources Ltd in an all-share deal valuing Emmerson at around GBP163 million, or AUD311 million. Under the terms, Emmerson shareholders will receive 0.1493 new Pan African shares for each Emmerson share held. The Emmerson board unanimously recommends the transaction, which requires approval from at least 75% of votes cast by shareholders as well as regulatory clearances. Pan African says it also intends to pursue a listing on the Australian Securities Exchange, which would be in addition to its existing primary listings on the London and Johannesburg exchanges. The company says the deal strengthens its position in the Tennant Creek mineral field following its acquisition of Tennant Consolidated Mining Group in 2024.
----------
Clarkson reports lower revenue and profit for 2025 but lifts its dividend and says it has a "solid" foundation for 2026 despite macroeconomic uncertainty. The London-based provider of shipping services reports revenue of GBP631.4 million for 2025, down from GBP661.4 million a year earlier, while pretax profit falls to GBP86.7 million from GBP112.1 million. Clarkson increases its total dividend by 2.8% to 112 pence per share from 109p, marking its 23rd consecutive year of dividend growth. The company says it enters 2026 with positive momentum supported by a forward order book of USD244 million for invoicing this year and strong free cash resources of GBP232.0 million. CEO Andi Case says: "Whilst it is still early In 2026, we have started with strong momentum, supported by positive market sentiment and trading, and our diversified strategy, healthy forward order book and commitment to innovation, position us well for the year ahead, recognising that ongoing geo-political uncertainty continues to drive complexity in our markets. Chair Laurence Hollingworth says Clarksons has a "solid foundation" for the year ahead despite continued geopolitical and macroeconomic uncertainty.
----------
OTHER COMPANIES
----------
AdvancedAdvT announces it does not intend to make an offer for M&C Saatchi PLC under, after the advertising group rejected multiple takeover approaches in the past. The statement comes as AdvancedAdvT Executive Chair Vin Murria is appointed as non-executive deputy chair of M&C Saatchi with immediate effect. Murria is a long-term shareholder in the company and is considered to be acting in concert with AdvancedAdvT under takeover rules. Separately, M&C Saatchi says Chief Executive Officer Zaid Al-Qassab will step down and leave the board on March 31 by mutual agreement. Current non-executive chair Heather Rabbatts will assume the role of executive chair on an interim basis while the company begins a formal search for a new CEO. The firm also appoints Conduit Holdings Chair Nicholas Shott as an independent non-executive director. In a separate announcement, M&C Saatchi says it has launched a share buyback programme of up to GBP4.5 million, with repurchased shares to be cancelled.
----------
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
AstrazenecaGlaxosmithklinePearsonAdvancedadvtEndeavour MiningM&C SaatchiHgCapital Trust plcClarksonConduit HldgAntofagastaInternational AirlinesPan African ResourcesWizz Air