FTSE inches lower as Omicron spreads; inflation data eyed

StockMarketWire.com - UK stocks fell slightly in early trading on Monday as Omicron cases continued to surge throughout the world and investors braced for a key US inflation reading due later this week.

At 0820, the benchmark FTSE 100 index was down 3.41 points at 7,481.87.

Online contracts-for-difference broker Plus500 gained 3.2% to £14.825 after it upgraded its annual profit guidance for 2021 and said it would consider launching another share buyback.

Plus500 said it performed 'ahead of market expectations' for the year through December, with revenue of about $718 million and earnings before interest, tax, depreciation and amortisation of around $387 million.

The numbers nevertheless marked a fall from the $872.5 million in revenue and $515.9 million in EBITDA achieved in 2020.

Generic drugs company Hikma Pharmaceuticals rose 0.3% to £21.41 on announcing that it had launched a new compounding business focused on injectable medications in the US.

The sterile compounding business would combine, mix or alter ingredients to create medications in ready-to-administer formats, Hikma said.

Biopharmaceutical group Avacta tumbled 21% to 91.7p after it paused sales of its Covid-19 antigen test due to a decline in performance in detecting the Omicron Covid-19 variant.

Avacta said it was moving to replace the antibody in the product to improve its performance.

Private hospital owner Spire Healthcare climbed 0.8% to 252.5p on news that it had agreed to provide support to England's National Health Service during the ongoing pandemic.

The pact followed detailed discussions with NHS England and other independent providers in light of the uncertainties created by the Omicron variant.

Flow control and instrumentation group Rotork shed 0.2% to 358.8p after announcing that it had appointed Kiet Huynh as its new chief executive.

Huynh was currently head of the company's water and power and chemical, process and industrial divisions. He replaces Kevin Hostetler, whose pending departure was announced August.

Mexican restaurant group Tortilla Mexican Grill rallied 4.8% to 192.25p as it guided for annual profits and revenue 'materially ahead' of its expectations.

The company, which listed in October, said its revenue for the year through December had jumped 79% to £48.1 million, up from £26.8 million in 2020 and £35.4 million in 2019.

Cocktail bar owner Nightcap added 0.5% to 19.6p on revealing that its first-half sales had jumped 46% compared to the previous corresponding period in 2019.

Nightcap's sales for the six months to 26 December increased to £15.5 million, which represented like-for-like growth of 22% compared to the same period in 2019.

Consumer goods group Venture Life gained 2.7% to 40.05p on announcing that it appointed Samarkand as its new Chinese distribution partner for oral care brands Dentyl and UltraDEX.

Venture Life had in December said its previous Chinese partner had disappointed against expected sales levels.

Podcast company Audioboom firmed 4.4% to £14.72 as it guided for annual performance ahead of market expectations, after revenue more than doubled, led by ad-tech related sales.

Vehicle tracking group Quartix Technologies advanced 6.5% to 410p after it said its annual adjusted earnings would substantially beat market forecasts due to delays in the timing of investment spending. Story provided by StockMarketWire.com