Source: Sharecast
STOCKS TO WATCH
Fintech business Plus500 posted a solid set of H1 results on Monday, with strategic expansion and product diversification helping it maintain momentum across its trading platform business. Revenues rose 4% year-on-year to $415.1m, while underlying earnings ticked up 1% to $185.1m. EBITDA margins dipped slightly from 46% to 45%, reflecting increased investment in growth initiatives, while active customer numbers grew 2% to 179,931, with average revenue per user up 2% to $2,307.
Drugmaker GSK moved closer to expanding its antibiotic portfolio on Monday, after US regulators accepted its application to review gepotidacin as a potential oral treatment for gonorrhoea. The FDA's priority review follows positive phase III data from the EAGLE-1 trial, which showed gepotidacin delivered a 92.6% success rate at the urogenital site, compared to 91.2% for the standard combination of intramuscular ceftriaxone and oral azithromycin.
NEWSPAPER ROUND-UP
Rachel Reeves must intervene to assist British retailers by ending an imports tax break that favours Chinese online rivals and rethinking plans for higher levies on large stores, the boss of the DIY chain B&Q has said. The outspoken plea comes as the government faces growing pressure over its management of the economy after the Bank of England said when it cut interest rates on Thursday that tax rises were contributing to rising inflation and unemployment. – Guardian
Hiring intentions among Britain's businesses remain at a record low as they grapple with rising employment costs and worry about the economic outlook, with young people hit hardest by the drop in recruitment. Three separate surveys issued on Monday painted a gloomy picture on hiring activity, pay and business confidence, with claims that bosses were "stuck in limbo" and waiting for greater clarity in the autumn budget. – Guardian
Britain's biggest chemical plant is at risk of closure after surging energy costs left it struggling for survival. The Olefins and Polymers plant at Grangemouth in Scotland, which manufactures products used by hundreds of UK plastic companies, is under threat because of surging bills and taxes levied on British manufacturers, its owner Ineos has warned. – Telegraph
NatWest continued receiving investor funds on behalf of an alleged £200m Ponzi scheme after police announced they were investigating a suspected fraud at the business. The lender is understood to have banked a total of more than £100m for 79th Group, a collapsed investment scheme that is being investigated by City of London Police amid fears that investors have lost life savings. – The Times
Britain risks missing out on huge levels of investment in artificial intelligence data centres if it fails to speed up its overhauls of the energy grid and planning system, the world's largest developer of the facilities has warned. London’s status as a global financial centre, and hub for other industries, made it the most attractive in Europe for investing in AI data centres, Séamus Dunne, who leads the UK and Ireland operations for Digital Realty, said, but it was becoming more difficult to generate the "best economic returns" in the city. – The Times
US CLOSE
Major indices closed higher on Friday as stocks clawed back most of the previous session's losses.
At the close, the Dow Jones Industrial Average was up 0.47% at 44,175.61, while the S&P 500 advanced 0.78% to 6,389.45 and the Nasdaq Composite saw out the session 0.98% firmer at 21,450.02.
Reporting by Iain Gilbert at Sharecast.com