29th May 2026 07:56
(Alliance News) - Ocado Group strikes a deal with UK supermarket Asda, an AstraZeneca drug wins US approval to treat bladder cancer and Serabi Gold's first quarter profit more than doubles.
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 6.2 points at 10,419.76
GBP: higher at USD1.3439 (USD1.3435 at previous London equities close)
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BROKER RATINGS
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Barclays cuts Whitbread price target to 2,100 (2,500) pence - 'equal weight'
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Goldman Sachs cuts easyJet price target to 450 (565) pence - 'neutral'
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COMPANIES - FTSE 100
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AstraZeneca says its drug Imfinzi is approved in the US as the first and only immunotherapy combination for patients with BCG-naive, high-risk non-muscle-invasive bladder cancer. The Cambridge, England-based drugmaker says the drug, also called durvalumab, has been approved in combination with Bacillus Calmette-Guerin induction and maintenance therapy in the US. The approval by the Food & Drug Administration is based on positive results from the Potomac phase three trial. "Today's approval for Imfinzi brings the first immunotherapy combination regimen to patients in the US with BCG-naive, high-risk non-muscle-invasive bladder cancer, an early setting that builds on the positive impact Imfinzi is already having in muscle-invasive disease," says Dave Fredrickson, executive vice president of the Oncology Haematology business unit. Regulatory submissions based on the Potomac results are under review in the EU, Japan and other countries.
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COMPANIES - FTSE 250
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Ocado Group agrees to enter a partnership to develop supermarket Asda's online business across the UK with the Ocado Smart Platform. Asda is one of the UK's largest retailers, with total sales of more than GBP21 billion in 2025. Grocer and warehouse technology firm Ocado says the focus of the partnership will be to "quickly replace and upgrade" Asda's current ecommerce infrastructure. Ocado says its solutions will be rolled out across both stores and dark stores from 2027. Using Ocado's platform, Asda will be able to offer a full range of online services, including scheduled and short lead-time orders, as well as click & collect. It will also use the infrastructure to fulfill orders from aggregator platforms such as Uber Eats. Ocado does not expect the transaction to have a material financial impact in financial 2026. Ocado expects to turn cash flow positive during the second half of this financial year, with full-year cash flow positivity from financial 2027. "We're delighted that Asda has chosen Ocado to support the next phase of their online growth. The UK remains one of the world's most competitive and fast-evolving online grocery markets, where technology, scale and continuous innovation are increasingly important for retailers looking to maintain leadership positions," says Ocado Chief Executive Officer Tim Steiner.
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Great Portland Estates PLC says it has pre-let over 13,000 square feet of fully managed offices at Elsley House between Fitzrovia and the West End of London. The London-based office landlord says the space, including both the first and second floors, has been let at an average rent of GBP260 per square foot. This is 4.4% ahead of the new March 2026 estimated rental value. "Demand for the newly refurbished space has been strong," GPE says. "Pre letting over 13,000 sq ft ahead of launch demonstrates the strength of demand for our Fully Managed offer. Customers want high quality, ready to use space with flexibility from day one. With the refurbished floors now 80% let, Elsley shows how we are delivering the right product in the right locations at great pace," says Molly Maguire, senior flex leasing manager at GPE.
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Princes Group launches a share buyback programme worth up to GBP25 million. The Liverpool, England-based food and beverage firm says the programme is to fulfill a number of corporate purposes, including an employee save as you earn scheme which will be rolled out later this year. All shares repurchased under the share buyback programme will be held in treasury. The buyback programme is expected to operate until August 27, 2027, unless completed earlier or extended.
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OTHER COMPANIES
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Serabi Gold says its profit more than doubles in the first quarter as it benefits from a higher gold price. The Brazil-focused mining company says pretax profit jumps to USD27.4 million in the three months to the end of March from USD10.8 million a year prior. Revenue climbs 83% to GBP50.6 million from GBP27.6 million, while profit after tax surges to USD21.0 million from USD8.8 million. The average gold price received per ounce in the first quarter of 2026 was USD4,926, up 69% from USD2,908 a year prior. "The first quarter of 2026 marked a strong start to the year, building on the positive momentum in 2025. Gold production for the quarter totalled 12,043 ounces, representing a 20% increase on Q1 2025, driven by higher feed grades at both Palito and Coringa, as well as the commencement of production from the Meio zone at the Coringa Mine. Cash cost and [all-in sustaining cost] are incrementally higher than Q4 2025, largely driven by the ramp up at Coringa. With the Meio zone now at commercial production, costs associated with mining the Meio zone are now included in cash cost and AISC," says Chief Financial Officer Colm Howlin.
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Van Elle shareholders at court and general meetings on Thursday overwhelmingly approve its acquisition by Austrian construction firm Strabag. The Nottinghamshire, England-based engineering contractor says the proposal gets more than 99% approval from both sets of shareholders. Strabag UK, a subsidiary of Vienna-based Strabag, back in April offered to buy Van Elle for 52.3 pence per share, valuing the company's equity at GBP58.8 million. The deal now is expected to be completed in June. In announcing the vote, Van Elle warns that "challenging trading conditions" persisted throughout its financial year that ended in April, resulting in its financial performance being "weaker than anticipated". Adjusted pretax profit for the recent year was below the company's previous expectations, it says.
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By Michael Hennessey, Alliance News reporter
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