27th Mar 2026 07:56
(Alliance News) - UK retail sales fell in the month of February but by less than expected, while GSK and AstraZeneca hailed positive clinical and regulatory progress. Herald Investment Trust said it will proceed with a backstop tender offer for up to 100% of shares if no agreement is reached with Saba.
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 0.3% at 9,999.77
GBP: lower at USD1.3321 (USD1.3338 at previous London equities close)
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ECONOMICS
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UK retail sales volumes fall in February, though the decline is less severe than expected, according to the Office for National Statistics. Sales drop 0.4% on the month, following a revised 2.0% rise in January, beating FXStreet forecasts for a 0.8% fall, with weaker supermarket demand and softer online sales cited as key drivers. Despite the monthly drop, sales volumes rise 0.7% in the three months to February compared with the three months to November. Sales were also 3.0% higher over the three-month period compared with a year earlier, while on an annual basis, retail sales volumes increase 2.5% in February, down from a 4.8% increase in January but beating FXStreet expectations of a 2.1% rise. The ONS notes that spending remains slightly below pre-pandemic levels, though recent gains have been supported by stronger non-store retail performance and robust sales earlier in the year.
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BROKER RATINGS
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BofA raises Berkeley Group to 'buy' (neutral) - price target 4,020 (4,080) pence
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Jefferies raises Mony Group to 'buy' (hold) - price target 230 (205) pence
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COMPANIES - FTSE 100
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GSK says the European Medicines Agency has accepted for review its investigational chronic hepatitis B treatment, bepirovirsen, marking a key regulatory step for the potential first-in-class therapy. The submission is supported by phase III trial data showing statistically significant and clinically meaningful functional cure rates compared with standard care, with an acceptable safety profile. GSK highlights that chronic hepatitis B remains a major health burden in Europe, with around 3.2 million people affected, and says the treatment could address the limited cure rates of current therapies, which often require lifelong use.
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AstraZeneca reports that its investigational chronic obstructive pulmonary disease [COPD] treatment tozorakimab met primary endpoints in two phase III trials, demonstrating statistically significant reductions in moderate-to-severe exacerbations. The Oberon and Titania studies showed the therapy was effective across a broad patient population, including both former and current smokers and across all disease severities, while maintaining a favourable safety profile. AstraZeneca says tozorakimab is a potential first-in-class biologic targeting interleukin-33, offering a novel mechanism to reduce inflammation and mucus dysfunction in COPD, a condition affecting nearly 400 million people globally.
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Metlen Energy & Metals delays the publication of its 2025 full-year results by nine days at the request of its auditors, PwC, who require additional time to complete audit procedures following the company's dual listing in London and Athens. The group now expects to release its results on April 9, while reiterating guidance for 2025 Ebitda of around EUR750 million, unchanged from previous expectations.
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COMPANIES - FTSE 250
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Herald Investment Trust says it continues discussions with activist investor Saba Capital Management LP over the company's future, aiming to reach a "mutually agreeable solution" that offers shareholders optionality. If no agreement is reached, the board will proceed with a backstop tender offer allowing shareholders to exit up to 100% of their holdings at close to net asset value. The company is also exploring alternative structures that could allow investors to remain invested outside a Saba-controlled vehicle in a tax-efficient manner, though no certainty has been given. Separately, Herald says it has increased portfolio liquidity in preparation for a potential cash exit, with cash and government bonds rising to around 26% of net assets as of March 26 from 18.4% at the end of February, following accelerated asset sales.
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Senior says it has rejected a preliminary takeover proposal from Advent International Ltd valuing the group at up to 272p per share, while confirming discussions remain ongoing. The Hertfordshire-based engineering and manufacturing company has agreed to extend the "put up or shut up" deadline for Advent to make a firm offer to April 17 from March 27, with the Takeover Panel's consent. Senior notes there is no certainty that any offer will be made, adding that talks with other potential bidders are also continuing.
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GB Group announces it has successfully refinanced its revolving credit facility, securing a new GBP175 million unsecured RCF maturing in September 2030, replacing its previous secured facility due in July 2027. The Chester, England-based identity and location technology provider says the new facility, which includes two optional one-year extension options, has been arranged with a syndicate of existing and new lenders. Meanwhile, GB Group says it expects to release a full year trading update on April 22.
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OTHER COMPANIES
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CT Private Equity Trust reported higher profit and income for 2025, lifted its dividend, and said it remains "well positioned" despite a volatile macroeconomic backdrop. Net asset value per share edged up to 710.33 pence at December 31 from 706.03p a year prior, delivering a NAV total return of 4.7%, slightly ahead of 4.6% in 2024. Pretax profit rose to GBP23.1 million from GBP19.7 million a year earlier, while total income increased to GBP36.2 million from GBP34.4 million. The investment trust proposed a fourth-quarter dividend of 7.10p per share, up from 7.01p, taking the full-year payout to 28.13p, compared with 28.04p the year before. The increase marks the company's thirteenth consecutive year of dividend growth. Chair Richard Gray says: "During the year the company made new investments, either through funds or as co-investments, totalling GBP61.5 million. Realisations and associated income totalled GBP80.1 million. Outstanding undrawn commitments at the year-end were GBP170.4 million of which GBP22.8 million was to funds where the investment period had expired."
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By Eva Castanedo, Alliance News reporter
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