13th Jul 2026 07:59
(Alliance News) - GSK reports positive Jemperli trial data, while Plus500 posts record first-half revenue. Elsewhere, Heathrow's first-half passenger traffic edged higher despite a June decline caused by weaker Middle East travel.
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 0.2% at 10,473.49
GBP: lower at USD1.3400 (USD1.3419 at previous London equities close)
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ECONOMICS
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Heathrow reports June passenger traffic falls 1.8% year-on-year to 7.2 million, as a 26% decline in Middle East traffic linked to regional tensions outweighs continued growth on North American and Asia-Pacific routes. Passenger numbers to North America rise 1.2%, boosted by travel to the FIFA World Cup, while Asia-Pacific traffic increases 2.5%, making it Heathrow's fastest-growing major market. First-half passenger traffic nevertheless edges up 0.2% to 40.0 million. Cargo volumes rise 3.8% in June to almost 135,000 tonnes, with trade to North America up 6% and Asia-Pacific cargo volumes up 12%. CEO Thomas Woldbye says: "It's been a strong end to the first half of 2026, despite the challenges presented by the situation in the Middle East...As the government looks for projects that can drive economic growth across the whole of the country, attract investment and create new jobs for young people, Heathrow's privately funded expansion presents an open goal. A third runway will unlock new opportunities for businesses, exporters and communities in every region and nation of the country."
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BROKER RATINGS
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Stifel raises Computacenter to 'buy' (hold) - price target 5,235 (3,584) pence
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HSBC cuts AstraZeneca to 'hold' (buy) - price target 13,750 (16,500) pence
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COMPANIES - FTSE 100
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GSK says its phase 2 Azur-1 trial meets its primary endpoint, with Jemperli (dostarlimab) delivering sustained clinical complete responses in patients with stage 2/3 dMMR/MSI-H locally advanced rectal cancer. Interim data show a clinically meaningful proportion of patients remain free of detectable cancer for at least 12 months after treatment, supporting the potential for the immunotherapy to eliminate or delay the need for chemotherapy, radiotherapy and surgery in some patients. GSK says it plans to submit the data to regulators, including the US FDA, under an accelerated review pathway, while detailed results will be presented at a future scientific congress.
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COMPANIES - FTSE 250
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Plus500 reports "record" first-half performance, with revenue rising 12% to USD462.9 million from USD415.1 million and Ebitda increasing 1% to USD187.5 million from USD185.1 million, driven by record customer income and continued growth across its OTC and non-OTC businesses. The Haifa, Israel-based trading platform operator says it has established itself at the centre of the US prediction markets industry following the launch of its consumer offering and sports event-based contracts, while expanding its OTC platform into Canada and enhancing its Japanese offering. Plus500 says it enters the second half with strong operational momentum and continues to expect full-year revenue and Ebitda in line with market expectations following multiple consensus upgrades this year. The company will report half-year results on August 10, when it also plans to announce new shareholder returns through dividends and share buyback programmes.
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Grafton reports first-half revenue rises 6.7% to GBP1.34 billion from GBP1.25 billion, with average daily like-for-like revenue up 0.6% as growth in Iberia, the Island of Ireland and Northern Europe offsets continued weakness in Great Britain. The Dublin-based building materials distributor says recently acquired businesses in Spain and Ireland are trading in line with expectations, while supply chains remain unaffected by Middle East geopolitical tensions. Grafton maintains full-year adjusted operating profit guidance of GBP190 million to GBP200 million, expects second-half trading conditions to remain broadly consistent with the first half, and says it continues to focus on cost discipline, margin management and capital returns through its GBP25 million share buyback programme.
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PageGroup reports a stronger second quarter, with gross profit edging down just 0.2% on a constant-currency basis to GBP197.6 million from GBP195.2 million, compared with a 4.9% decline in the first quarter. The recruitment firm says around half of its markets are now growing, led by Asia Pacific, the Americas and Southern Europe, while trading remains challenging but stable in France, Northern Europe and the UK. Gross profit per fee earner rises 5%, fee earner headcount falls 1.6% during the quarter to 4,914, and net debt remains around GBP7 million. PageGroup maintains its full-year operating profit guidance at GBP28 million, in line with market consensus, citing improving trading conditions despite continued macroeconomic uncertainty.
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Derwent London has agreed a new GBP100 million unsecured revolving credit facility with Handelsbanken, marking the bank's first lending relationship with the property developer. The facility has an initial five-year term, two one-year extension options and a GBP50 million accordion option, with pricing and financial covenants in line with the group's existing bank facilities. Chief Financial Officer Damian Wisniewski says the agreement "the strength of the group's business model, strategy and balance sheet, as well as the continued support of the banking market for our business".
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OTHER COMPANIES
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PureTech Health says the entity it founded, Celea Therapeutics, has dosed the first patient in the global phase 3 Surpass-IPF trial evaluating deupirfenidone for idiopathic pulmonary fibrosis, marking the start of a potentially registrational study. The head-to-head trial will compare deupirfenidone with the approved therapy, pirfenidone, in around 1,100 patients across more than 30 countries, with topline results expected in the second half of 2029. PureTech says the trial launch follows Celea's recent USD180 million financing and supports development of deupirfenidone as a potential new standard of care. The company notes the US FDA has indicated data from the single phase 3 study, together with the broader development programme, could support a regulatory filing.
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Brave Bison has launched a possible GBP43.1 million cash-and-shares takeover offer for AIM-listed marketing technology peer System1, offering 68 pence in cash and 2.7553 new Brave Bison shares for each System1 share it does not already own. The proposal values System1 at 327 pence per share based on Brave Bison's 20-day VWAP and would leave System1 shareholders owning around 19% of the enlarged group. Brave Bison says the combination would create AIM's challenger marketing data and technology company with pro forma net revenue of GBP79 million and adjusted Ebitda of GBP14 million. However, System1 says its board has "unanimously and unequivocally" rejected the proposal, arguing it materially undervalues the company and offers only around a 4% premium to its closing share price on Friday, providing no notable control premium. Under UK takeover rules, Brave Bison has until August 7 to announce a firm offer or walk away.
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By Eva Castanedo, Alliance News senior economics reporter
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Related Shares:
GlaxosmithklinePageGroupGrafton GroupPlus500PureTechBrave BisonSystem1 GroupAstrazenecaComputacenter