London pre-open: Stocks seen up despite US and Asian losses
London stocks were set for a positive open on Friday despite losses in the US and Asia.
The FTSE 100 was called to open 18 points higher at 7,347.
CMC Markets analyst Michael Hewson said: "Most of the attention has now returned to trade and concerns over further restrictive measures which have seen metals prices soar, along with oil prices. The recent momentum in US stocks underwent a pause after some decent gains over the past few days, with tech stocks leading the losses after a disappointing update from a Taiwan chipmaker pulled the wider sector lower, on concerns over slowing smartphone demand."
In corporate news, Allergan has pulled out of the pursuit for Shire only hours after saying it was pondering a possible takeover offer. The botox-maker confirmed in a statement on Friday morning that it "does not intend to make an offer for Shire".
High performance components and sub-systems company Meggitt has secured a long-term agreement with Solar Turbines, it announced on Friday.
The company said that under the five-year agreement, which included aftermarket support, Meggitt Control Systems would continue to supply electric valves and actuators for multiple engine programmes. It did not disclose the financial value of the deal.
Royal Mail said that its chief executive officer Moya Greene will retire in September more than eight years in the role.
Rico Back will assume the role of group CEO and join the board on 1 June, following the announcement of the 2017-18 results.
Indivior has filed a new drug submission (NDS) with Health Canada's Therapeutic Drugs Directorate, it announced on Friday, for its ‘SUBLOCADE’ (buprenorphine extended-release) injection, for subcutaneous use for the treatment of moderate-to-severe opioid use disorder (OUD), as part of a complete treatment plan to include counselling and psychosocial support.
The drugmaker said Health Canada had granted Priority Review status for SUBLOCADE on 6 April, and if approved, the treatment would be marketed by Indivior Canada.