UK equities edged higher on Friday, supported by a steady pound trading just above $1.34. Burberry demonstrated signs of recovery, Bridgepoint delivered solid interim results, while GlaxoSmithKline faced pressure following a negative FDA panel opinion on its cancer drug.
By 08:45 GMT, the FTSE 100 was up 0.2%, with the British pound strengthening 0.2% against the dollar, holding above the 1.34 level. In Europe, Germany’s DAX advanced 0.4% and France’s CAC 40 climbed 0.6%.
GSK shares fall sharply after FDA panel rejects Blenrep benefit-risk profile
Shares of GlaxoSmithKline (LSE:GSK) dropped more than 6% after an FDA advisory committee voted against the benefit-risk balance of its multiple myeloma treatment, Blenrep (belantamab mafodotin-blmf). The Oncologic Drugs Advisory Committee reviewed the drug’s combination therapies for patients with relapsed or refractory multiple myeloma who had previously undergone at least one therapy line. The panel found that the proposed dosing regimen’s benefits did not outweigh associated risks. The FDA will weigh this non-binding recommendation ahead of its final decision expected by July 23.
Burberry’s sales decline less than anticipated
In corporate updates, Burberry (LSE:BRBY) reported a modest 1% drop in comparable retail sales for Q1 ending June 28, outperforming analysts’ expectations of a 3% decrease. This suggests early signs of stabilization for the luxury fashion house. Overall retail sales declined 2% on a constant currency basis, with retail space reductions contributing a 1% drag. Negative currency effects shaved off 4%, resulting in reported revenues of £433 million, down 6% year-on-year.
Bridgepoint posts lower H1 profits despite strong performance
Bridgepoint Group PLC (LSE:BPT) announced its half-year results showing robust fund performance, profitable exits, and steady fundraising progress. Pre-tax profit stood at £60.6 million, down from £99.9 million a year prior. Management fee income rose 11% on a like-for-like basis, excluding catch-up fees, reaching £207.1 million.
Reckitt Benckiser agrees to sell majority stake in Essential Home business
Reckitt Benckiser Group (LSE:RKT) is set to sell most of its Essential Home division to Advent International for up to $4.8 billion (£3.6 billion). Reckitt will retain a 30% stake and is set to receive deferred and contingent payments totaling $1.3 billion (£1.0 billion). The transaction is anticipated to close by the end of 2025.
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