Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Media speculation over the weekend has forced MJ Gleeson to publish a statement this morning. The company is exploring the idea of divesting its strategic land banking business. Such a move would bring handsome returns for investors as the division is said to be worth £130 million. Arguably such a move would also provide a layer of protection against political risk as these operations do have a degree of contention about them, especially given the continued uptrend in housing prices.
Serco have signed a contract which will see its involvement with Dubai’s metro system extended for a further two years. The deal, worth an estimated £140 million, should be welcomed by investors.
AstraZeneca has received Break Through Designation on another new drug – the ninth since 2014 – from the US FDA. This enables faster approvals for clinical trials of new medication, although investors – and patients – will arguably be rather more focused on how the drug progresses through the trial phases, rather than this news alone.