24th Aug 2026 07:59
(Alliance News) - The FTSE 100 was called slightly higher on Monday, following news of US President Donald Trump's intention to wage a "crushing" financial operation against Iran.
Eyes are also on US Treasury chief Scott Bessent, who has said he will give more details in a news conference on Monday on the US' fresh push to pile economic pressure on Iran. Traders will also be watching this week's annual gathering of central bankers, economists and finance chiefs in Jackson Hole in the US.
Meanwhile, in corporate news, Saba Capital has issued a requisition notice to Baillie Gifford US Growth Trust, seeking to have its three nominees added to the trust's board at the next AGM.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called up 1.9 points at 10,818.46
GBP: higher at USD1.3643 (USD1.3625 at previous London equities close)
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ECONOMICS
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Oman's foreign minister will travel to Iran on Tuesday, Iran's foreign ministry said, as Tehran and Muscat seek a way to regulate the passage of ships through the Strait of Hormuz. Badr al-Busaidi will hold the "ongoing political consultations between the two sides, as two littoral states of the Strait of Hormuz, to help strengthen peace and security in the region," Iran's foreign ministry spokesman Esmaeil Baqaei said in a statement on Monday. "The visit is aimed at strengthening Iran-Oman bilateral cooperation and al-Busaidi will meet with Iran's Foreign Minister Abbas Araghchi to discuss bilateral and regional issues," Baqaei added. Iran has exerted control over Hormuz, a key waterway for oil and gas shipping, since the outbreak of the war in the Middle East on February 28. It requires vessels to obtain permission and pay transit fees before using the waterway. The US wants the strait to return to its pre-war system of free navigation, while US President Donald Trump claims Washington "has total control" over Hormuz, through which around one fifth of the world's oil and liquefied natural gas exports passed before the war.
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BROKER RATINGS
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CICC starts AstraZeneca with 'outperform' - price target 14,514 pence
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JPMorgan raises Diploma to 'overweight' (neutral) - price target 8,250 (5,760) pence
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Barclays cuts Big Yellow Group to 'underweight' - price target 820 pence
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COMPANIES - FTSE 100
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GSK says that Japan's Ministry of Health, Labour & Welfare has approved Hibsago, or bepirovirsen, as a functional cure for chronic hepatitis B virus infections "in adult patients who have received at least 6 months of prior nucleos(t)ide analogue therapy and meet pre-defined viral markers." Notes that this marks "the first global approval for bepirovirsen, and the first and only functional cure treatment for CHB approved in Japan." Says the approval was supported by results from the B-Well phase 3 trials. Further, the pharmaceutical major announces that the US Food & Drug Administration has accepted its supplemental biologics license application for Jemperli, or dostarlimab, for priority review. Indication is for previously untreated stage 2 and 3 mismatch repair deficient/microsatellite instability-high locally advanced rectal cancer. The FDA has February down as the PDUFA action date, and the sBLA is eligible for expedited review through the National Priority Voucher programme. GSK says the sBLA is based on positive data from the phase 2, single-arm AZUR-1 trial.
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COMPANIES - FTSE 250
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Baillie Gifford US Growth Trust announces receipt of a requisition notice from Saba Capital Management. Saba is requesting resolutions for the trust's upcoming annual general meeting proposing the appointments of Jason Chen, Thomas McGlade and James Waterlow to the board. Baillie Gifford US tells shareholders to take no action and that it will issue an update "in due course".
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OTHER COMPANIES
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Advanced network infrastructure and cybersecurity technology provider BATM Advanced Communications reports half-year results for the period ended June 30. Revenue decreases to USD41.7 million from USD60.4 million the year before, but increases from an adjusted USD39.7 million. The adjusted figure excludes businesses divested in 2025. Adjusted earnings before interest, tax, depreciation and amortisation (which exclude amortisation of intangible assets, share-based payments and, from the first half of 2025, exceptional expenses related to corporate activity) fall to USD1.6 million from USD4.0 million, or from an adjusted USD1.7 million. Company swings to pretax loss of USD1.6 million from a USD564,000 profit. "Looking ahead, we remain on track to deliver underlying revenue growth for the full year in line with management's expectations, supported by our strong pipeline and orderbook," comments Chief Executive Officer Moti Nagar. "More importantly, we expect to exit 2026 as a substantially transformed business, with greater capacity to invest in growth and to create value for shareholders."
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Transport technology provider Tracsis has completed its acquisition of Mistral Data from FirstGroup, with the GBP48 million consideration satisfied from its cash resources and revolving credit facility. Also, it says its performance for the financial year ended July 31 is in line with market expectations. Expects around GBP85.5 million in group revenue, up from GBP81.9 million, with adjusted Ebitda rising to about GBP13.5 million from GBP12.6 million. Says these include the contribution from the July 31 sale of its Events business. "Looking ahead, Tracsis is better positioned than ever, with a portfolio aligned to attractive long-term growth markets, a higher proportion of recurring revenue and an increasing emphasis on scalable software products," CEO David Frost comments. "With a simplified operating model, enhanced capabilities and a clear strategic focus, we are well placed to benefit from sustained investment in rail technology driven by the industry's need for greater efficiency, productivity, safety and customer experience.
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Likewise completes its freehold acquisition of a new 60,000 square feet High Bay Distribution Hub in Corby East Midlands for GBP9.6 million. Says the Corby Hub will significantly add to the storage, cutting and trunking capacity of the Likewise Floors Logistics Network, and expects it to be operational from January 2027. "Corby is a very important investment and will allow the group to achieve the next aspirational target of GBP300 million sales revenue," Likewise says. Adds that it "continues to trade positively in August, ahead of the traditionally busier Autumn period."
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By Emma Curzon, Alliance News reporter
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