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Highlights:
Anglo American sells steelmaking coal mines to Peabody Energy for a strategic pivot.
AstraZeneca’s phase three trial shows promising results for capivasertib in prostate cancer.
Kingfisher narrows profit guidance following a mixed third-quarter performance.
The FTSE 100 is set to open 11 points higher on Monday, after a strong close on Friday, rising 1.38% to 8,262.08.
Stocks to Watch:
Anglo American (LSE:AAL) has reached an agreement to sell its portfolio of steelmaking coal mines in Australia to Peabody Energy. This deal, valued at $3.77 billion, is part of the company's broader strategy to pivot towards copper, premium iron ore, and crop nutrients. The sale follows the earlier divestiture of its stake in the Jellinbah coal mine in Queensland, Australia, which netted $1.1 billion.
AstraZeneca has announced positive results from a phase three trial of 'Truqap' (capivasertib), in combination with abiraterone and androgen deprivation therapy (ADT), for patients with PTEN-deficient metastatic hormone-sensitive prostate cancer. The trial demonstrated a significant improvement in radiographic progression-free survival, marking a breakthrough as the first AKT inhibitor combination to show clinical benefits for this specific cancer subtype. Although overall survival data remains under review, early results indicate a promising trend.
Kingfisher, the owner of B&Q and Screwfix, has adjusted its full-year profit guidance following a mixed third-quarter performance. The company reported a 0.6% decline in group sales, leading to a revised pre-tax profit forecast for 2024, now expected to range between £510 million and £540 million, slightly down from the previous forecast of £510 million to £550 million.
Newspaper Round-Up:
- Several local councils in Scotland are exploring the introduction of a tourist tax, which would apply to overnight stays, as part of efforts to manage the pressures of increased tourism. This initiative is aimed at generating funds to support local services and infrastructure.
- Thousands of Amazon workers across 20 countries are planning to protest during Black Friday, demanding improved workers' rights and climate action from the company.
- Angela Rayner, the UK Housing Secretary, is under pressure to recruit additional planning officers to meet the government's ambitious housing goals, with experts suggesting that the current plans fall short of what is needed.
- The City regulator, the Financial Conduct Authority (FCA), is facing criticism for being opaque and inefficient, according to an upcoming report due for release in parliament. The FCA has been accused of a defective culture and an overly close relationship with the entities it regulates.
