A two-point drop for the FTSE 100 on Tuesday, taking the Big Board to 6,686.5. Shire - taking aim at US rival Baxalta - and Coca-Cola HBC AG were down heavily, taking 5.8% and 5.6% falls while ARMHoldings was also down hard, to 948.50p, a 4.5% drop. Meggitt shares however soared almost 8% helped by two new contract wins.
Stateside there was a 47.5-point drop to 17,550.6 not helped by Apple shares moving below its 200-day overall average as worries about Chinese sales reared; US crude though climbed 1.4% to $45.80 a barrel.
The big blue-chip name this morning isL&G; the insurer claims operating profit is up 18% to £750m with adjusted earnings per share rising 15% to 9.79p. The interim dividend climbs 19% higher to 3.45p per share.
Demand for pension risk transfer strategies remains high; L&G claims almost two thirds of large defined benefit (DB) schemes in the UK are looking to take de-risking action; it's also expecting to underwrite £200m of lifetime mortgages new business this year.
L&G also claims it should deliver £80m of operating cost savings across the Group, reducing costs from £1,250m in 2014 to £1,170m, "whilst incurring £40m of restructuring costs in 2015."
LSE Group claims good progress with the integration and development of global indexes business, FTSE Russell, and with the sale of Russell Investment Management
"As a leading international, open access market infrastructure business we continue," says boss Xavier Rolet, "to see attractive opportunities for growth in a changing regulatory and competitive landscape."
We finish the bulletin with IP Group. The intellectual property developer says net assets excluding intangibles and the Oxford equity rights asset was upped to £700.6m (HY14: £449.4m; FY14: £451.3m).
There's adjusted profit before tax of £70.1m (HY14: £15.0m; FY14: £16.2m), excluding the amortisation, says the company, of intangible assets and reduction in fair value of Oxford Equity Rights asset of £3.7m (HY14: £2.4m; FY14: £6.7m).
"We were particularly proud," says chief exec Alan Aubrey, "to be a cornerstone investor in Oxford Sciences Innovation plc while Modern Biosciences plc reached the first development-related milestone in its agreement with Janssen Biotech, Inc."
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