RAMSEY CROOKALL & CO
April 3rd 2012
Morning Report
European stocks bounced between small losses and gains as investors on the one hand
applauded better than expected global manufacturing data but on the other still
harbored lingering concerns about Spain and the euro zone's debt crisis.
Drugs giant GlaxoSmithKline has received top-line results from seven of the eight
'Harmony' drug development Phase III studies investigating the use of albiglutide in
type 2 diabetes. Glaxo said that based on the studies it has performed so far, there
is enough information to support progression to regulatory submissions, as a possible
once-weekly treatment for type 2 diabetes.
Anglo-Swedish drugs giant AstraZeneca is teaming up with US biotechnology company
Amgen to jointly develop and bring to market a portfolio of clinical-stage inflammation
treatments.
Chip designer ARM is also getting into the collaboration game. It has teamed up with
two digital security firms to create a joint venture aimed at creating a secure
environment for services running on high-tech gadgets such as smartphones and tablets.
Collaboration is not exactly the watch-word at investment trust Alliance, where the
board has given a feisty response to activist investor Laxey Partners' renewed attempt
at telling the board how to run the company.
Oil and gas group Heritage Oil has drilled and flowed gas at a reservoir interval at
its Miran West-3 well in the Kurdistan Region of Iraq.
African Barrick Gold has revised upwards by 0.5m ounces of gold the resource estimate
for its Nyanzaga project in Tanzania after working out how to treat the two mineralised
zones of the project, Tusker and Kilimani, as a single pit resource
THE FTSE 100 10:00 Down 4 @ 5,870
THE DOW JONES closed Up 52 @ 13264
THE NASDAQ closed Up 28 @ 3119
Exchange Rates
GBP – USD @ 10:00 1.6024
GBP - EURO @ 10:00 1.2017
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