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“Blue-chips were down in lunchtime trading as rising fuel prices pushed the UK’s inflation rate up to 0.6% and separate figures showed the fall in sterling since the EU referendum had increased the cost of imports for manufacturers,” says AJ Bell Investment Director Russ Mould.
“Infrastructure group Balfour Beatty’s shares were up in lunchtime trading after it clinched a $697m contract to electrify a rail track in California. The 52-mile Caltrain corridor runs between San Francisco and San Jose and electrification will lay the foundations for the future operation of high speed trains. The contract is the biggest that Balfour Beatty has won in the US and builds on the back of the successful delivery of the group’s part in the multi-billion dollar Eagle P3 commuter rail network in Denver, Colorado.
“Pharmaceutical giant AstraZeneca has closed a licensing deal with dermatology specialist LEO Pharma for the global licence to tralokinumab which has completed trials for the treatment of patients with atopic dermatitis, an inflammatory skin disease resulting in itchy, red, swollen and cracked skin. AstraZeneca has received a payment of $115m for the exclusive global rights to tralokinumab and will retain a significant ongoing interest with commercial milestone and royalty payments.
“Super-budget hotel group easyHotel continues to increase its presence in the Benelux region. A third franchise hotel in Amsterdam is under development and the region’s franchisee is due to open easyHotel Brussels in October, ahead of schedule. Amsterdam is an extremely attractive market for the group with considerable demand for affordable tourist accommodation. easyHotel’s shares were up by more than 3% in lunchtime trading.”
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