23rd Mar 2026 07:59
(Alliance News) - GSK makes regulatory progress in Japan for a cancer therapy, Anglo American moves to delist from the Swiss exchange as part of its restructuring, and Applied Nutrition reports strong interim growth while holding back on shareholder payouts.
Here is what you need to know before the London market open:
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MARKETS
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FTSE 100: called down 1.5% at 9,772.33
GBP: lower at USD1.3301 (USD1.3323 at previous London equities close)
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ECONOMICS
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UK Prime Minister Keir Starmer will convene an emergency Cobra meeting on Monday after agreeing with US President Donald Trump that reopening the Strait of Hormuz is "essential" to stabilise global energy markets. The move follows a sharp escalation in the crisis, with Iran's effective closure of the strait driving oil prices higher. Brent crude traded at USD113.26 a barrel early Monday, up from USD109.78 late Friday and more than 55% above levels before the conflict began in late February. The Cobra meeting, expected to include Chancellor Rachel Reeves, Foreign Secretary Yvette Cooper, Energy Secretary Ed Miliband and Bank of England Governor Andrew Bailey, will focus on energy security, inflation risks and supply chain resilience. While the UK is unlikely to send naval support due to heightened risks, concerns have grown after Iran attempted to strike a UK-US base, highlighting the broader security threat. Industry warnings have also intensified, with Centrica's chief executive saying global oil supplies are already down 20% and price rises are "inescapable".
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BROKER RATINGS
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Goldman Sachs raises Croda to 'buy' - price target 3,200 pence
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Jefferies reinitiates Oxford BioMedica with 'buy' - price target 827 pence
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Berenberg cuts Johnson Matthey price target to 2,100 (2,250) pence - 'buy'
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COMPANIES - FTSE 100
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GSK says its investigational lung cancer treatment risvutatug rezetecan has been granted orphan drug designation in Japan for small-cell lung cancer, supported by early clinical data showing durable patient responses. The designation, awarded by Japan's Ministry of Health, Labour & Welfare, marks the sixth global regulatory recognition for the antibody-drug conjugate, which is being developed across multiple solid tumour types. GSK says the therapy targets extensive-stage small-cell lung cancer, an aggressive form of the disease with limited treatment options and high relapse rates, with a global phase III trial already underway.
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Anglo American says it will delist its shares from the SIX Swiss Exchange following regulatory approval, as part of a review of its global listings linked to its proposed merger with Teck Resources Ltd. The miner cites low trading volumes on the Swiss exchange and the regulatory burden of maintaining multiple secondary listings as reasons for the move. The last day of trading in Zurich is expected to be June 25, with the delisting effective from June 26. Anglo American says it expects to retain its primary listing in London, alongside listings in Johannesburg, Toronto and New York following completion of the merger.
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COMPANIES - FTSE 250
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Applied Nutrition reports "outperformance" in its first-half growth but says it will not pay an interim dividend and does not expect further shareholder payouts before financial 2027. The sports nutrition firm posts revenue for the six months ended January 31 of GBP74.5 million, up 57% from GBP47.6 million year-on-year, while adjusted Ebitda rises 56% to GBP21.5 million and pretax profit climbs 80% to GBP20.9 million from GBP11.8 million. Applied Nutrition reiterates full-year revenue guidance of around GBP140 million, despite expecting some reduction in Middle East volumes due to disruption, and says trading remains in line with expectations. The company also says construction has begun on a new facility aimed at increasing revenue capacity to GBP300 million as it continues to scale operations. Chief Executive Office Thomas Ryder says: "This six-month period has further highlighted both the breadth of opportunity before us and our proven ability to realise it. The performance and momentum across the business reflects a consumer environment that continues to shift decisively towards health, fitness and wellbeing."
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Spire Healthcare Group says talks with private equity firms Bridgepoint and Triton regarding a potential takeover have been terminated, as it continues its strategic review. On Friday, both Bridgepoint and Triton announced they do not intend to make a firm offer for Spire Healthcare. The London-based healthcare company adds it remains in discussions with other parties over a possible sale, though it cautions there is no certainty that any offer will be made or on what terms. Spire Healthcare says its board and management are also evaluating other options to drive long-term shareholder value.
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ME Group International reports higher annual revenue and profit and has launched a share buyback of up to GBP18 million, as it continues to benefit from growth in its laundry division. The Surrey, England-based vending machine operator says revenue in the 12 months ended October 31 rises to GBP315.4 million from GBP307.9 million, while pretax profit increases to GBP78.2 million from GBP73.4 million. The company also lifts its total dividend to 8.64p per share from 7.90p a year earlier. ME Group says trading so far in financial 2026 is in line with expectations, supported by strong cash generation and ongoing expansion of its machine estate. Non-exec Chair John Lewis says: "This diversification strategy, which has seen the rapid expansion of laundry operations in recent years, has evolved the business mix with a higher proportion of attractive levels of return on invested capital and a strong performance against our targeted payback periods and return on capital, which significantly exceeds our cost of capital."
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OTHER COMPANIES
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Cohort says its Australian subsidiary EM Solutions has secured a contract worth AUD21.7 million, around GBP11.5 million, to supply satellite communications systems to the Portuguese Navy. The contract covers the delivery of Cobra and King Cobra terminals for upgrades to Vasco da Gama-class frigates, as well as new-build programmes, with deliveries scheduled through to 2030. Chief Executive Andy Thomis says: "This important order affirms EM Solutions' reputation as a world-leading provider of satellite communication systems. Their cutting-edge technology is trusted by navies across the world for resilient high-speed, long range digital communications. Together with other recent wins across the group, this contract further underpins our order book and enhances the visibility of future revenues."
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Caledonia Mining reports record financial performance for 2025, driven by higher gold prices and cash generation. Revenue rose 46% to USD267.7 million from USD183.0 million, while profit after tax more than doubled to USD67.5 million from USD23.1 million. Ebitda also more than doubled to USD125.3 million from USD59.7 million, and net cash from operations increased 82% to USD76.2 million. Gold sales edged higher to 79,075 ounces from 77,917 ounces, supported by production of 76,213 ounces at its Blanket mine. Free cash flow surged to USD62.1 million from USD10.6 million, while earnings per share climbed to USD2.83 from USD0.91. The group swung to a net cash position of USD23.8 million at year-end, from net debt of USD8.7 million a year earlier, with cash rising to USD35.7 million. Caledonia declares a quarterly dividend of 14 US cents per share and says progress at its Bilboes project and broader Zimbabwe portfolio supports its strategy to become a multi-mine producer. Consolidated on-mine cash costs averaged USD1,263 per ounce sold, while all-in sustaining costs came in at USD1,952 per ounce.
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Hutchmed China initiates a phase III clinical trial of its investigational therapy HMPL-760 in patients with relapsed or refractory diffuse large B-cell lymphoma in China, marking a step towards potential registration. The randomised, double-blind study will assess HMPL-760 in combination with R-GemOx chemotherapy against a placebo combination, with primary endpoints including progression-free survival and overall survival. The trial plans to enrol around 240 patients, with the first dose administered on March 20. HMPL-760 is a next-generation Bruton's tyrosine kinase inhibitor designed to overcome resistance to earlier treatments, including mutations such as C481S. The phase III study follows "encouraging" phase II data, which showed improved response rates and survival outcomes with a manageable safety profile. Diffuse large B-cell lymphoma is the most common aggressive form of non-Hodgkin lymphoma, accounting for around 40% of cases in China.
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By Eva Castanedo, Alliance News reporter
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Related Shares:
GlaxosmithklineAnglo AmericanCentricaApplied NutriSpire HealthcareME GroupCohortCaledonia MinHutchmedCroda InternationalOxford BiomedicaJohnson Matthey