Date: Tuesday 12 Jun 2012
City sources predict the FTSE 100 will open down 8 points from yesterday's close of 5,432 as investors take stock after the Eurozone's decision to lend troubled economy Spain up to 100bn euros. The bailout deal has failed to pacify worried investors in the US and Asia, where stocks fell overnight as attentions are now turning to Italy as the next source of concern for the single currency region.
Supermarket firm Sainsbury has made a surprise move into the e-book retail market with the acquisition of HMV's stake in online venture Anobii. Cash-strapped entertainment media retailer HMV is selling its stake in the social network and online retailer of e-books for just one pound. As a result of the transaction and additional investment by Sainsbury the supermarket chain will have a 64% stake in Anobii. Other stakeholders in the venture are publishing firms HarperCollins, Penguin and Random House Group (UK).
Pharmaceuticals giant GlaxoSmithKline has signed an agreement to buy eczema treatment drug 'Toctino' from Basilea Pharmaceutica. Toctino, otherwise known as 'alitretinoin', is a prescription-only, once-daily, oral retinoid used for severe chronic adult hand eczema which is unresponsive to other potent topical steroids. Available in 14 countries and approved in 15, it is in a Phase 3 trial in the US. Total sales in 2011 amounted to £22m.
Even though it advised the market in April its results would be at the top end of expectations, Oxford Instruments still beat forecasts with its full year results. The provider of high technology tools and systems for research and industry delivered adjusted profit before tax of £42.0m in the year to March 31st, up 60% on the previous year's £26.2m and better than the £39.8m the market had been expecting. Revenue rose 28.6% to £337.3m from £262.3m, topping expectations of £336.9m.
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