Author: Fiona Craig

AstraZeneca (LSE:AZN) has announced that the US Food and Drug Administration has accepted its new drug application for baxdrostat and granted it priority review. The therapy is intended for adults whose hypertension remains inadequately controlled despite existing treatment options.

The FDA has assigned a Prescription Drug User Fee Act (PDUFA) decision date in the second quarter of 2026.

AstraZeneca’s filing is supported by data from the Phase III BaxHTN study, which showed a statistically significant and clinically meaningful reduction in systolic blood pressure among participating patients. Baxdrostat is being developed to provide a new option for individuals whose high blood pressure remains difficult to manage using currently available medications.

UK equities made modest gains on Tuesday morning, supported by a weaker pound and mixed trading across Europe. Fresh housing data from Nationwide also pointed to annual price growth in November, despite pressure from recent fiscal developments.

By 08:15 GMT, the FTSE 100 was up 0.04%, while sterling slipped 0.04% against the US dollar to 1.32. Germany’s DAX advanced 0.3%, whereas France’s CAC 40 traded broadly unchanged.

UK highlights

House prices continue to rise
Nationwide reported that UK house prices increased 1.8% year-on-year in November, suggesting the market remains resilient even after the latest Budget. The average home price reached £272,998, up 0.3% from October. However, annual growth slowed from October’s 2.4% reading.
The figures contrast with Rightmove data, which recorded a 1.8% month-on-month decline in asking prices and a 0.5% drop year-on-year—its weakest November performance since 2012.

OBR chair resigns after early Budget leak
Richard Hughes has stepped down as chair of the Office for Budget Responsibility following the inadvertent early publication of Chancellor Rachel Reeves’ Budget—released nearly an hour before its parliamentary unveiling. An oversight board review labelled the incident the most serious lapse since the OBR’s creation 15 years ago.

Bank of England eases capital rules
The Bank of England’s Financial Policy Committee reduced its capital buffer requirement for UK banks from 14% to 13% of risk-weighted assets. The move, outlined in the Bank’s latest Financial Stability in Focus report, aims to support lending to households and businesses.
The FPC cautioned that financial stability risks have risen in 2025 amid stretched global asset valuations, concerns around sovereign debt, and elevated risk in sectors such as AI-focused technology companies.

Corporate updates

discoverIE Group (LSE:DSCV)
Delivered record first-half profitability, with adjusted operating profit up 5% at constant exchange rates to £30.2 million. Revenue grew 3.5% at constant exchange rates to £216.4 million for the six months to 30 September.

Victrex (LSE:VCT)
Held its dividend steady as it described FY26 as a transition year. FY25 volumes rose 12% to 4,164 tonnes, while revenue reached £293 million, up 3% on a constant-currency basis.

Shaftesbury Capital (LSE:SHC)
Reported strong activity across its West End portfolio, achieving rent reviews 14% above previous passing rents and maintaining low gearing of 17%. The company completed 367 leasing deals so far this year, adding £30.2 million in annualised new rent.

On the Beach Group (LSE:OTB)
Announced record transaction value for the fourth straight year. Adjusted profit before tax increased 20% to £35 million for FY2025, with revenue up 6% to £121.4 million.

Wizz Air (LSE:WIZZ)
Carried 5.25 million passengers in November, an 8.6% rise year-on-year. Capacity expanded 9.5% to 5.79 million seats. The airline also marked the delivery of its 250th aircraft on 28 November.

Pantheon Resources (LSE:PANR) has issued an operational update on its Dubhe-1 well, confirming continued progress with clean-up activities and the start of oil production. The company reported total drilling and completion costs of roughly $33 million, a figure that includes the drilling of a pilot hole for core sampling and evaluation across several target horizons. Although the well came in at a higher cost than initially anticipated, management remains upbeat about the operational performance and the broader development potential. The newly constructed Dubhe pad is expected to enable additional future drilling, supporting Pantheon’s long-term field development plans.

Pantheon’s outlook continues to be shaped by meaningful operational challenges and financial pressures, including negative profitability and constrained cash flow. These factors remain the primary concerns for valuation. Even so, recent operational milestones and strategic developments introduce the possibility of future upside, contributing to a slightly more constructive view.

More about Pantheon Resources

Pantheon Resources plc is an AIM-listed exploration and development company focused on its 100%-owned Ahpun and Kodiak oil and gas projects on Alaska’s North Slope. The company holds substantial contingent recoverable resources—estimated at 1.6 billion barrels of ANS crude and 6.6 Tcf of associated natural gas—and aims to achieve market recognition of around $5 per barrel of recoverable resources by 2028. Its proximity to existing infrastructure provides key cost and logistical advantages as it advances toward commercial development.

CLS Holdings plc (LSE:CLI) has continued to make headway on its operational and strategic goals, reporting improvements in occupancy levels, progress on asset sales, and successful refinancing of debt maturing in 2025. Although economic and political uncertainty has weighed on leasing activity, the company has sustained stable transaction volumes and delivered ongoing rental growth. CLS has now completed more than half of its £400 million disposal programme, with additional sales expected in the near term, and has enhanced its balance sheet strength through the refinancing of £373 million of borrowings. The business also remains committed to sustainability, earning industry recognition for its initiatives, and is undergoing leadership renewal with several new board appointments.

The company’s outlook is tempered by financial pressures and prevailing bearish technical signals. A high dividend yield provides some support, but a negative P/E ratio and oversold market conditions underscore the risks. For CLS, further stabilisation of operations and meaningful improvements in profitability will be key to strengthening future performance.

More about CLS Holdings

CLS Holdings plc operates within the commercial real estate sector, specialising in the acquisition, development, and management of office properties. The company focuses on well-located, flexible assets in strong urban markets, with an emphasis on generating long-term value for shareholders through disciplined investment and active portfolio management.

Victrex (LSE:VCT) reported a 12% rise in sales volumes for FY2025, supported by strong contributions from Value Added Resellers and demand within the Energy & Industrial segments. However, overall revenue increased just 1%, held back by an unfavourable sales mix and currency movements. To support future profitability, the company has introduced a Profit Improvement Plan aimed at delivering £10 million in savings by FY2027, accompanied by a broader operational review to enhance efficiency. Victrex has maintained its dividend and refined its capital allocation policy to better balance the needs of shareholders and long-term strategic priorities.

The outlook for Victrex is shaped by its solid financial position and disciplined cash management. That said, pressures on revenue and margins continue to weigh on sentiment. Technical indicators lean bearish, although valuation metrics offer some compensation through an attractive dividend yield. Recent earnings commentary highlights both promising growth channels and ongoing operational challenges, particularly in China.

More about Victrex

Victrex is a global leader in high-performance polymer technologies, specialising in advanced materials used across automotive, aerospace, energy & industrial, electronics, and medical applications. With more than four decades of expertise in PEEK and PAEK polymers, the company provides sustainable, high-performance solutions found in products ranging from smartphones and aircraft to cars, energy systems, and medical devices.

Severfield PLC (LSE:SFR) released its interim results for the period ending 27 September 2025, reflecting a difficult trading environment marked by softer demand and delays across several contracts. Revenue and profits declined accordingly, although the company continued to win notable new work, preserving a well-diversified order book. Severfield also improved its net debt position and extended its revolving credit facility, reinforcing financial flexibility as it navigates current market challenges. While the board opted not to declare an interim dividend due to prevailing conditions, it reaffirmed its intention to resume distributions once market dynamics stabilise.

The company’s outlook remains constrained by ongoing financial pressure and broadly bearish technical signals. A high dividend yield adds some appeal from a valuation standpoint, but concerns related to a negative P/E ratio and liquidity persist, tempering investor confidence.

More about Severfield

Severfield is the UK’s leading structural steel specialist, engaged in the design, fabrication, and construction of large-scale steel structures. Operating across seven sites and employing roughly 1,800 people, the company supports major projects in industrial, commercial, nuclear, and infrastructure sectors. Severfield also maintains a strong international footprint through its joint venture with JSW Steel in India, expanding its reach into one of the world’s fastest-growing construction markets.

Haydale Graphene Industries (LSE:HAYD) has reported a series of notable commercial milestones, signalling growing momentum as the company continues its transition toward a more product- and service-led model. A new distribution agreement with Interfloor broadens the market reach of Haydale’s JustHeat technology, extending its use beyond residential settings. The product’s recent win as National Product of the Year further strengthens its market credibility. In addition, early-stage orders and partnership activity in the United States mark an important step in Haydale’s international expansion, providing external validation for JustHeat’s potential in one of the world’s most significant markets.

Despite these positive strategic developments, Haydale’s outlook remains constrained by ongoing financial pressures. Persistent net losses and cash-flow challenges continue to weigh heavily on the investment case, overshadowing the upbeat corporate progress and supportive technical momentum. While partnerships and new market entries offer long-term promise, improving financial resilience remains a key priority for the company.

More about Haydale Graphene

Haydale Graphene Industries plc is an advanced materials company specialising in the development and commercialisation of graphene-enhanced products and solutions. Its focus includes innovative heating technologies and energy-efficient systems, leveraging graphene’s unique properties to create next-generation materials for a range of industrial and consumer applications.

Gooch & Housego PLC (LSE:GHH) reported a robust set of full-year results for the period ending 30 September 2025, with revenue rising 10.7% to £150.5 million and adjusted profit before tax up 46.8% to £11.9 million. The year marked meaningful strategic progress, supported by the acquisitions of Phoenix Optical and Global Photonics, both of which expanded the company’s technological capabilities and advanced its ongoing transformation programme. Despite broader macroeconomic pressures, Gooch & Housego maintained a healthy order book and delivered improved operational efficiency, reinforcing its platform for sustained, profitable growth.

Looking ahead, the company benefits from a solid financial footing, though concerns remain around valuation and profit sustainability. Technical momentum indicators are largely neutral, and a relatively high P/E ratio signals potential overvaluation. The dividend yield helps offset some of these concerns, offering a degree of support for income-focused investors.

More about Gooch & Housego

Gooch & Housego PLC is an international photonics technology company with operations across the USA and Europe. The business specialises in the research, design, engineering, and manufacture of advanced photonic components, subsystems, and instrumentation. Serving a diverse range of markets—including Aerospace & Defence, Industrial & Telecom, and Life Sciences—the company leverages expertise across multiple complementary technologies. Gooch & Housego is headquartered in Ilminster, Somerset, UK.

IG Design Group (LSE:IGR) reported a 13% decline in revenue to $131.4 million for the six months ending September 2025, reflecting subdued UK demand and pricing pressures across European markets. Despite the top-line weakness, the business remained profitable, delivering an adjusted operating profit of $5.7 million thanks to ongoing cost-saving measures and tighter cash flow management. The sale of DG Americas has streamlined operations and allowed the company to concentrate on sustainable growth, margin enhancement, and portfolio development. Backed by solid orderbook visibility and ongoing efficiency initiatives, IG Design maintains confidence in achieving its full-year revenue target of $270–280 million.

The broader outlook, however, remains weighed down by financial headwinds and prevailing bearish market signals. Profitability challenges and negative cash-flow trends present significant concerns, while sentiment around the stock remains weak. Valuation indicators—highlighted by a negative P/E ratio and the absence of a dividend—underscore the limited attractiveness of the shares at present.

More about IG Design

IG Design Group plc is a global designer and manufacturer specialising in celebration, gifting, and creative lifestyle products. Its portfolio spans gift packaging, party supplies, stationery, home décor, and craft items, serving customers across the UK, continental Europe, and Australia.

Quantum Data Energy PLC (LSE:MAST) has taken a major step forward in advancing its flexible generation strategy, securing growth funding to support both new project development and the acquisition of revenue-producing flexgen assets. Through a partnership with Sustainable Investing Solutions, the company aims to scale its portfolio beyond 300 MW, drawing on the specialist expertise of sector-focused investors. The financing approach—structured at the individual SPV level—avoids shareholder dilution and is designed to enable rapid expansion and steady income generation. The collaboration targets financial close with investors by Q1 2026, further strengthening Quantum Data Energy’s positioning within the broader sustainable energy market.

More about Quantum Data Energy PLC

Quantum Data Energy PLC is focused on developing and operating flexible generation power assets that support grid stability and complement renewable energy sources. The company is building a portfolio exceeding 300 MW, prioritising small, strategically located assets near densely populated areas. These projects benefit from ETS carbon exemptions and eligibility for additional ancillary services revenue, supporting both environmental and financial performance.