Market Overview
The FTSE 100 fell 47.61 points to trade at 10,441.44 on Thursday, dragged by a sharp decline in AstraZeneca following disappointing late-stage trial results for its experimental heart drug. Escalating tensions in the Middle East also weighed on sentiment. Meanwhile, Brent crude futures dropped 1.23% to $76.06 per barrel, while US West Texas Intermediate (WTI) lost 1.14% to settle at $72.68.
Sterling strengthened against the dollar, quoted at $1.3406 early Thursday, up from $1.3358 at the previous close. However, sterling weakened against the euro, trading at €1.1721 compared to €1.1722 a day earlier.
Gainers and Losers
Top Gainers:
- Computacenter surged 10.88% to £4,586 after forecasting a sharp profit increase for the first half of 2026.
- Antofagasta advanced 3.97% to £3,667.
- Glencore rose 3.72% to £508.90.
- Anglo American gained 3.37% to £3,495.
- Standard Chartered added 2.65% to £2,090.
- Endeavour Mining climbed 2.33% to £3,645.
Top Losers:
- AstraZeneca plunged 9.65% to £12,866 after its nerve disease drug Wainua failed a late-stage trial.
- Coca-Cola Europacific Partners slipped 1.25% to £7,890.
- British American Tobacco fell 1.97% to £4,520.
- Unilever dropped 1.23% to £4,582.50.
- London Stock Exchange Group declined 0.47% to £8,820.
- Reckitt Benckiser eased 0.83% to £5,024.
AstraZeneca Stock Tumbles on Drug Trial Failure
Pharma heavyweight AstraZeneca saw shares fall 8.4% in early trade to £13,043.48 after the company announced that its nerve disease drug Wainua, developed in partnership with US-based Ionis, failed to meet its primary endpoint in a late-stage trial. The drug was intended to reduce cardiovascular deaths and recurring heart problems in patients with a type of heart disease characterized by protein buildup that disrupts blood pumping.
Brooks Macdonald Ends Fees on Uninvested Cash
Investment manager Brooks Macdonald has scrapped cash fees on discretionary portfolios, effective 1 July, amid intensifying regulatory scrutiny from the Financial Conduct Authority (FCA) over so-called ‘double-dipping’ practices. The move follows a similar decision by Rathbones, which acknowledged that halting such fees would reduce its pre-tax profit by £9 million. Brooks Macdonald also reported a turnaround in net inflows for the financial year, reaching £226 million, compared with outflows of £396 million the prior year.
Computacenter Expects First-Half Profit to Double
Computacenter said it expects adjusted profit before tax for the first half of 2026 to be approximately double the £81.5 million recorded in the same period last year. The IT services firm attributed the upbeat outlook to stronger-than-expected second-quarter performance and indicated that full-year results would comfortably beat market expectations, though it remained cautious about a tougher comparative in the second half.
Global Market Update
In the US, the Dow Jones fell 1.1% and the S&P 500 declined 0.3%, while a rally in select AI stocks helped the Nasdaq advance 0.2%. In Asia on Thursday, Japan’s Nikkei 225 rose 1.51% to 67,830.79, China’s Shanghai Composite gained 1.1%, Hong Kong’s Hang Seng fell 0.69%, and Australia’s S&P/ASX 200 slipped 0.26%. India’s Nifty 50 and Sensex declined 0.71% and 0.79%, respectively.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.
Leave a Reply