Here are three developing stories you need to know about at the UK stock market open, from Tony Cross.
1. Market share gains at Sainsbury but non food sales struggle
There’s a trading update out today from supermarket J Sainsbury LON:SBRY, noting market share gains for a fifth successive Christmas, with sales for the six weeks to 4th January up by 3.8%. FY25 guidance has been reaffirmed although non-food sales including Argos are notable for their consistent declines, perhaps reflecting the broader weakness in consumer confidence.
2. Profit outlook revised higher at Clarkson
Integrated shipping services provider Clarkson LON:CKN has a very short trading statement out this morning with news that results for the full year to 31st December 2024 are now expected to come in slightly ahead of expectations, with underlying pre-tax profits not less than £115m. Full year numbers will be issued on 10th March.
3. Poolbeg deal takes another step forward
Another update from the planned merger between Poolbeg Pharma LON:POLB and Nasdaq listed HOOKIPA [NasdaqGS:HOOK], with news that a major shareholder of the acquiring party – Gilead Sciences [NasdaqGS:GILD] – has indicated that they intend to participate in the proposed fundraise. Whilst this makes the deal more likely to complete, it is being undertaken at something of a discount, reflected in the sell-off that was observed at the start of the year.
