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Category: Market News

  • Market Overview: Sanderson Design Growth, Oxford Biomedica

    Market Overview: Sanderson Design Growth, Oxford Biomedica

    FTSE 100 flat as Lloyds flags mortgage pain; Europe near best week since June. Oxford Biomedica falls on guidance cut; Brent crude eases.

    The FTSE 100 opened broadly flat on Friday, up marginally at 10,867.91 from yesterday’s close, after Lloyds Banking Group flagged pressure on UK mortgage rates. The Euronext 100 added 0.08 per cent to 1,967.32 and Germany’s DAX rose 0.33 per cent to 26,227.08, with European equities on course for their strongest weekly performance since June as a robust corporate earnings season lifted sentiment across pharmaceuticals, power infrastructure and telecommunications. On Wall Street, the Nasdaq Composite closed down 0.06 per cent at 26,348.35 and the S&P 500 slipped 0.18 per cent to 7,709.96 overnight, with investors weighing upcoming US labour market data and continued uncertainty over the path of Federal Reserve policy.

    Commodity markets reflected renewed geopolitical unease, with gold, Brent crude and natural gas all easing back from yesterday’s close as tensions around the Strait of Hormuz kept energy markets on edge following reports of restricted vessel transit through the chokepoint. Copper firmed on the open, while bitcoin held steady against sterling. Sterling was little changed against the US dollar and the euro, edging fractionally higher against the yen, the Australian dollar and the Swiss franc, as currency markets took a cautious tone.

    Market Numbers

    FTSE 100: Up (0.001%), 10,867.91
    Euronext 100: Up (0.08%), 1,967.32
    DAX: Up (0.33%), 26,227.08
    NASDAQ: Down (-0.06%), 26,348.35
    S&P 500: Down (-0.18%), 7,709.96

    In the Headlines

    US Expansion Drives Growth – Sanderson Design Group (LSE:SDG)
    Sanderson Design Group reported a 6 per cent rise in first-half revenue to £51.4 million, driven by strong North American demand and a 137 per cent jump in direct-to-consumer online sales. Management reaffirmed full-year profit expectations despite continued softness in the UK home furnishings market.

    Guidance Cut Despite Client Wins – Oxford Biomedica (LSE:OXB)
    Oxford Biomedica lowered its 2026 revenue guidance to between £180 million and £200 million after client order delays and a six-month setback at its North Carolina facility, despite record client wins and 9 per cent first-half growth. Shares fell sharply as the guidance cut renewed concerns over execution following previous forecast misses.

    Currencies (vs GBP)

    USD: Up (0.00%), $1.3455
    CHF: Up (0.01%), Fr.1.0931
    EUR: Down (-0.00%), €1.1675
    JPY: Up (0.01%), ¥213.1535
    AUD: Up (0.01%), $1.9131
    Bitcoin (BTC/GBP), £47,773.12

    Commodities

    Copper: Up
    Gold: Down
    Brent Crude: Down
    Natural Gas: Down

  • Oil Extends Gains as Hormuz Shipping Uncertainty Keeps Markets on Edge

    Oil Extends Gains as Hormuz Shipping Uncertainty Keeps Markets on Edge

    Oil prices continued to climb on Friday as uncertainty surrounding future access to the Strait of Hormuz offset earlier optimism over a possible diplomatic breakthrough. Investors remained focused on proposals from Iran and Oman that could reshape shipping conditions through one of the world’s most important energy corridors.

    By 06:34 GMT, Brent crude futures had gained 85 cents, or 1.03%, to $83.34 per barrel, while US West Texas Intermediate (WTI) crude rose 52 cents, or 0.67%, to $77.81 per barrel.

    Iran’s Shipping Proposal Fuels Supply Concerns

    Thursday’s rally followed reports that Iran is reviewing legislation that would prevent US and Israeli vessels from using the Strait of Hormuz, a route that handled around 20% of global oil and LNG shipments before the conflict began at the end of February.

    Although crude prices had fallen earlier in the week amid hopes of a diplomatic agreement, Brent recovered above $80 after briefly dropping below that threshold for the first time since mid-July. Even so, both Brent and WTI remain on track to record weekly losses of roughly 8%.

    Traders Assess New Transit Rules

    Market participants believe this week’s developments suggest that tensions between Tehran and Washington remain unresolved.

    According to Iran’s Fars news agency, lawmakers are considering draft legislation that would prohibit vessels classified as hostile from using the Strait of Hormuz and impose penalties of up to 20% of cargo value on ships violating the proposed rules.

    Lin Ye, Vice President of Commodities Markets – Oil at Rystad Energy, said investors are reacting to Iran’s proposed framework for managing maritime traffic.

    “That’s not the market pricing in a bad deal, it’s pricing in confirmation that whatever emerges is a managed/conditional corridor, not a restoration of normal flow,” Ye added.

    Reports indicate that Iran is seeking transit charges of between 5% and 7% of cargo value, while Oman has discussed a fee closer to 3%. The United States continues to oppose any shipping charges.

    Several industry sources believe implementing such an agreement would prove difficult because of US sanctions and insurance restrictions.

    Geopolitical Risks Continue to Support Oil

    Vandana Hari, founder of Vanda Insights, said recent headlines have generated significant swings in market sentiment but noted that traders still lack clarity over the conditions required to finalise an agreement.

    Meanwhile, Yemen’s Houthi movement claimed responsibility for missile and drone attacks targeting “Saudi deployments” in Marib and Hadramout.

    US President Donald Trump also said he believes the conflict will end “soon”, although investors continue to factor geopolitical uncertainty into energy prices.

  • Gold Extends Rally as Investors Weigh Middle East Risks Before US Jobs Report

    Gold Extends Rally as Investors Weigh Middle East Risks Before US Jobs Report

    Gold prices advanced again on Friday as heightened geopolitical uncertainty in the Middle East continued to support demand for safe-haven assets ahead of the closely watched US nonfarm payrolls report. Investors also remained focused on expectations for the Federal Reserve’s next interest rate decision.

    At 01:04 ET (05:04 GMT), spot gold (XAU/USD) climbed 0.6% to $4,264.22 an ounce, while gold futures rose 0.6% to $4,323.07. Silver (XAG/USD) gained 1.2% to $62.26 an ounce, and platinum (XPT/USD) added 0.6% to $1,740.05.

    Strait of Hormuz Tensions Boost Safe-Haven Demand

    Iranian state media reported that the country had targeted what it called “hostile targets” in the Strait of Hormuz and intended to block US and Israeli vessels from using the strategically important shipping route.

    The reports followed comments from Iranian officials that negotiations with Oman aimed at restoring maritime traffic were nearing completion.

    Meanwhile, Yemen’s Houthi movement claimed responsibility for a major attack against Saudi-backed government forces, raising fears that instability could spread further across the Middle East.

    Despite the latest developments, US President Donald Trump said he expected the conflict to end “pretty soon” and insisted that the United States remained in control of the Strait of Hormuz.

    Gold briefly traded above $4,300 during Thursday’s session before retreating as renewed concerns over rising energy prices revived expectations that inflation could remain elevated and prompt the Federal Reserve to maintain a restrictive monetary policy.

    Following a Financial Times report that Federal Reserve Chair Kevin Warsh is prepared to raise interest rates if inflation remains high, markets are now pricing in roughly a 60% chance of a September rate increase.

    The US Dollar Index remained close to the 100 level, offering limited direction for precious metals.

    US Employment Data May Determine Gold’s Next Move

    Attention is now turning to the release of the July nonfarm payrolls report, which could reshape expectations for future US monetary policy.

    St. Louis Federal Reserve President Alberto Musalem warned that policymakers cannot allow inflation to remain elevated while waiting for productivity gains to reduce price pressures.

    At the same time, continued investment demand from China has supported bullion. Gold-backed exchange-traded funds in China have now recorded 14 consecutive trading sessions of net inflows.

    Tony Sycamore, Senior Market Analyst at IG, said the recent breakout suggests gold has established a base near the late-June low of approximately $3,942.

    He believes that holding above this level would strengthen the case for a move toward the 200-day moving average near $4,489. A sustained break above that resistance could pave the way for a broader rally towards the $5,000 level.

    Sycamore added that Friday’s US payrolls figures are likely to determine whether the current rally gains further momentum or begins to fade.

  • US Jobs Data in Spotlight as Middle East Risks and Corporate Headlines Drive Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    US Jobs Data in Spotlight as Middle East Risks and Corporate Headlines Drive Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    US equity futures traded with little direction on Friday as investors awaited the release of July’s employment report, a key indicator that could shape expectations for the Federal Reserve’s next policy move. Markets were also monitoring renewed geopolitical tensions after another Houthi attack on Saudi Arabia, while negotiations between Iran and Oman over the Strait of Hormuz continued.

    Futures Trade Cautiously Before Payrolls Release

    As of 02:52 ET (06:52 GMT), Dow Jones futures were down 0.1%, S&P 500 futures were broadly unchanged and Nasdaq 100 futures edged 0.2% higher.

    Thursday’s session ended lower on Wall Street. The Nasdaq Composite slipped 0.06% after earnings from memory chip manufacturers Sandisk (NASDAQ:SNDK) and Western Digital (NASDAQ:WDC) failed to justify investors’ elevated expectations despite solid quarterly results.

    The Dow Jones Industrial Average declined 0.85%, snapping a five-day winning streak, while the S&P 500 lost 0.18%.

    Analysts at Vital Knowledge said it was “impressive the index didn’t fall more than it did considering a number of negatives,” pointing to rising Treasury yields, disappointing technology guidance, higher oil prices and renewed concerns over Federal Reserve independence.

    Labour Market Figures Could Shift Interest Rate Expectations

    The market’s main focus is now the US nonfarm payrolls report.

    Economists forecast that 88,000 jobs were created in July, up from 57,000 in June, while the unemployment rate is expected to remain at 4.2%.

    Although hiring has slowed in recent months, layoffs have remained limited. Labour force participation has also weakened as tighter immigration policies and demographic trends reduce the number of available workers.

    Recent economic reports have shown softer employment in the services sector, although broader indicators continue to suggest that domestic demand remains resilient.

    Investors will be assessing whether the latest employment figures strengthen the case for further Federal Reserve tightening or support expectations that interest rates will remain unchanged.

    Fresh Houthi Attack Raises Regional Concerns

    Saudi Arabia warned of escalating regional instability after an attack by Iran-backed Houthi forces left 11 civilians injured.

    The incident came despite reports that Iran and Oman are close to agreeing new arrangements for shipping through the Strait of Hormuz. However, uncertainty remains over whether any agreement can restore confidence in one of the world’s most important oil shipping routes.

    President Donald Trump said the waterway is “sort of open right now,” while Iranian officials described negotiations as being in the “final stage.”

    Brent crude climbed 1.2% to $83.46 a barrel as energy markets reacted to the latest developments.

    Meta Faces $942 Million Court Penalty

    Meta Platforms (NASDAQ:META) has been ordered to pay more than $900 million following a New Mexico court ruling over child safety on Facebook and Instagram.

    The judgement follows an earlier jury decision that found the company had breached consumer protection laws. Alongside the financial penalty, Meta has been instructed to strengthen safety measures for younger users.

    Berkshire Hathaway Set to Release Results

    Investors are also preparing for Berkshire Hathaway’s (NYSE:BRK.B) quarterly earnings announcement on Saturday.

    The results will provide another update on the investment group’s performance under Greg Abel, with markets also watching for changes to Berkshire’s investment portfolio following recent purchases and disposals.

  • European Shares Head for Strongest Weekly Performance Since June on Earnings Momentum: DAX, CAC, FTSE100

    European Shares Head for Strongest Weekly Performance Since June on Earnings Momentum: DAX, CAC, FTSE100

    European stock markets traded modestly higher on Friday and remained on course to deliver their best weekly performance since late June, as another strong round of corporate earnings continued to lift investor sentiment and pushed major regional indices to fresh record highs.

    The pan-European STOXX Europe 600 Index gained 0.2% in early trading and was on track for a weekly rise of around 1.4%, its strongest five-day advance in almost six weeks. Investors have become increasingly optimistic as stronger-than-expected company results have prompted a reassessment of corporate fundamentals and the outlook for interest rates.

    Germany’s DAX added 0.3%, while France’s CAC 40 and London’s FTSE 100 each advanced 0.2%.

    Strong Earnings Continue to Support Markets

    European equity markets have repeatedly reached new record levels this week, driven by robust second-quarter results from companies across sectors including pharmaceuticals, power infrastructure and telecommunications.

    Earnings for companies within the STOXX 600 are now expected to increase by nearly 21% compared with a year ago, a significant improvement from the 12.5% growth forecast at the beginning of the reporting season. The stronger earnings outlook has reinforced investor confidence in European equities.

    The week’s gains have also been helped by lower government bond yields as oil prices retreated from recent highs, easing inflation concerns and reducing cost pressures for energy-intensive industries.

    Middle East Developments Return to Focus

    Geopolitical uncertainty returned to the forefront on Friday after reports indicated that Iranian lawmakers are examining draft legislation that would formally prohibit US, Israeli and other designated “hostile” vessels from passing through the Strait of Hormuz, a critical route for around one-fifth of global oil shipments.

    The proposal could complicate ongoing diplomatic efforts led by Oman and Qatar to improve maritime security and reduce tensions in the region.

    Genel Jumps as Investors Await US Jobs Data

    Among individual stocks, shares in Genel (LSE:GENL) climbed 12% after the company rejected a takeover proposal.

    Investors are also awaiting the release of the US Labour Department’s July nonfarm payrolls report. Economists expect employment growth to recover while the unemployment rate remains unchanged at 4.2%, a combination that would reinforce the resilience of the US labour market while keeping inflation concerns firmly on the Federal Reserve’s agenda.

    Financial markets currently assign roughly equal odds to a 25-basis-point Federal Reserve interest rate increase at its 16 September meeting.

    European investors will be watching the US employment data closely for clues on whether continued economic strength in the world’s largest economy could influence global monetary policy and keep borrowing costs elevated through the autumn.

  • Hermès Shares Rally as Luxury Sector Gains Momentum

    Hermès Shares Rally as Luxury Sector Gains Momentum

    Shares in Hermès International (EU:RMS) climbed 5.17% on Thursday, 6 August, closing at €1,626 and extending their recovery from the more than three-year low of €1,465.50 reached on 29 July.

    The luxury goods maker was the strongest performer on France’s CAC 40 index, with its rebound helping to lift the benchmark to a record closing high of 8,699 points.

    Positive Broker Commentary Lifts Luxury Stocks

    The advance came as the wider European luxury sector benefited from an upbeat research note issued by Berenberg. The broker highlighted an encouraging improvement in second-quarter growth across the sector, while acknowledging that longer-term structural challenges remain.

    The positive sentiment also supported shares in Kering, LVMH, Christian Dior and Swatch, as investors responded to signs of improving trading conditions for luxury brands.

    China and Currency Headwinds Remain

    Despite the recent recovery, Hermès continues to face several challenges. Slower growth in the Chinese market and adverse foreign exchange movements remain key factors limiting short-term earnings visibility and continue to weigh on investor expectations.

  • Eutelsat Shares Slide as Higher Investment Plans Weigh on Outlook

    Eutelsat Shares Slide as Higher Investment Plans Weigh on Outlook

    Eutelsat Communications SA (LSE:ETL) shares fell around 5% on Thursday after the satellite operator unveiled a weaker-than-expected profitability outlook for fiscal 2026-27 and announced a substantial increase in planned capital expenditure. The cautious guidance overshadowed quarterly revenue that exceeded market forecasts.

    By 09:20 GMT, the shares were trading about 5% lower at €2.04, lagging the wider French market. Investors reacted negatively after Eutelsat projected an adjusted EBITDA margin broadly consistent with the 51.2% recorded in fiscal 2025-26, below analyst expectations of roughly 54%.

    Revenue Beats Expectations but Guidance Disappoints

    Morgan Stanley noted that fourth-quarter operating vertical revenue came in approximately 10% ahead of consensus estimates, while full-year adjusted EBITDA of €632 million also modestly exceeded market forecasts.

    Despite the stronger-than-expected results, attention shifted to the company’s outlook for the new financial year. Eutelsat expects adjusted EBITDA margins to remain broadly unchanged while forecasting gross capital expenditure of around €1.2 billion, significantly above analyst expectations of approximately €825 million.

    LEO Growth Offsets Weakness in Legacy Business

    For the financial year ended 30 June, Eutelsat reduced its share of the group’s net loss to €457.3 million from €1.08 billion a year earlier. Revenue edged down 0.6% to €1.24 billion, while adjusted EBITDA declined 6.5% to €632.4 million, with the EBITDA margin narrowing from 54.4% to 51.2%.

    The company’s low-Earth orbit (LEO) operations remained its strongest area of growth, with revenue increasing by nearly 70% to €297 million. This performance helped offset ongoing weakness in its traditional video broadcasting business. Connectivity services also delivered double-digit revenue growth across government, fixed broadband and mobility markets.

    Investment Programme to Accelerate OneWeb Expansion

    Looking ahead to fiscal 2026-27, Eutelsat expects modest growth in operating vertical revenue, supported by LEO revenue growth of more than 30%. However, continued declines in its geostationary (GEO) operations are expected to continue weighing on overall profitability.

    The company also plans to invest around €1.2 billion in gross capital expenditure as it accelerates the renewal and expansion of its OneWeb satellite constellation.

  • FTSE 100 Rises as Oil Prices Climb and Lloyds Warns of Renewed Mortgage Pressure

    FTSE 100 Rises as Oil Prices Climb and Lloyds Warns of Renewed Mortgage Pressure

    UK equities traded modestly higher on Friday as higher oil prices continued to support energy stocks, while fresh data from Lloyds highlighted renewed pressure on mortgage borrowers following the recent escalation in the Middle East.

    By 03:30 ET (07:30 GMT), the FTSE 100 was up 0.22%. Elsewhere in Europe, Germany’s DAX advanced 0.33% and France’s CAC 40 gained 0.26%. Sterling weakened slightly against the US dollar, with GBP/USD slipping 0.07% to 1.3449.

    Hormuz Shipping Slump Keeps Energy Markets on Edge

    Investors remained focused on developments in the Strait of Hormuz after shipping activity fell sharply. Reuters, citing Kpler data, reported that only 33 vessels transited the waterway between Monday and Thursday, compared with 50 during the same period a week earlier. Just six crude oil tankers departed the strait during the week, while traffic through the Bab al-Mandeb route increased to 26 vessels on Thursday, indicating that some shipping is being redirected.

    The disruption followed explosions near Iran’s Qeshm Island on Thursday evening, which the semi-official Fars news agency linked to reported military strikes. Brent crude surged almost 4% in the previous session before extending gains on Friday.

    Diplomatic Tensions Continue to Influence Markets

    Political developments remained mixed. Iranian Parliament Speaker Mohammad Bagher Ghalibaf criticised the United States, writing on X that “using bullying + broken promises + fake news as leverage is a failed strategy,” describing Washington’s approach as “theater diplomacy.”

    Mohit Kumar, an analyst at Jefferies, said investors could become “desensitized to the Middle East, as long as oil stays around of below $80,” arguing that broader market fundamentals remain supportive thanks to a resilient US labour market and strong global liquidity.

    However, Kumar identified higher US government bond yields as the primary concern, calling 10-year Treasury yields near 4.70% the “biggest worry.” He noted that oil prices between $75 and $80 remain around 25% to 30% above pre-conflict levels, warning this would “feed into inflation globally.”

    He also suggested that a potential agreement between Iran and Oman over shipping in the Strait of Hormuz would be unlikely to satisfy Washington because it would effectively hand Iran greater control over the strategic waterway. Referring to reports that Tehran wants to restrict US and Israeli vessels from using the strait, Kumar said “we are still some distance from a deal.”

    Reuters separately reported that any reopening of the Strait of Hormuz may require concessions from Washington, as the United States opposes any arrangement granting Iran control or the right to collect transit fees, while Tehran continues to insist on retaining influence over the route.

    Meanwhile, US President Donald Trump acknowledged that certain American weapons stockpiles were “a little bit tighter” than others, while dismissing reports that the ongoing five-month conflict had significantly depleted US military supplies. His comments followed media reports, denied by the White House, that he had questioned Defence Secretary Pete Hegseth over ammunition levels.

    Lloyds Reports Slower UK House Price Growth

    In the UK, Lloyds’ latest House Price Index showed property prices were unchanged in July after rising 0.2% in June. The average UK home was valued at £299,253, while annual house price growth slowed to 0.1%, the weakest reading since November 2023.

    “The UK housing market remained steady in July, with the average property price effectively unchanged over the month,” said Amanda Bryden, Head of Mortgages at Lloyds. She added that mortgage rates “have edged higher again after easing earlier in the summer” following the recent escalation in Middle East tensions.

    Oil and Gold Extend Gains

    Oil prices continued to move higher, with Brent crude rising 0.70% to $83.08 a barrel and US West Texas Intermediate adding 0.36% to $77.57.

    Safe-haven demand also lifted precious metals. Gold futures climbed 1.04% to $4,345.47 an ounce, while spot gold gained 1.1% to $4,286.50.

    UK Corporate News

    • JD Sports (LSE:JD.) has appointed former IKEA chief executive Peter Agnefjäll as its new chair, with the appointment taking effect on 1 September.
    • Goodwin (LSE:GDWN) is in discussions over the sale of its defence business following order delays, according to a report by the Financial Times.

  • DNO Makes £202 Million Takeover Proposal for Genel Energy

    DNO Makes £202 Million Takeover Proposal for Genel Energy

    DNO ASA has revealed that its wholly owned subsidiary, DNO Iraq AS, submitted a non-binding proposal on 28 July 2026 to acquire the entire issued and to be issued share capital of Genel Energy (LSE:GENL). The indicative offer values the London-listed oil producer at approximately £202 million. Genel’s board rejected the proposal on 4 August. Under the terms of the approach, shareholders would be offered either 69 pence in cash for each share or an equivalent combination of cash and newly issued DNO shares. The proposal represents a premium of 38% to Genel’s closing share price before the announcement and 30% above its three-month average share price.

    DNO Highlights Strategic Benefits of Potential Acquisition

    DNO said the proposed acquisition would provide Genel shareholders with an opportunity to realise value despite uncertainty surrounding the company’s only revenue-generating asset. The Norwegian producer also argued that its proposal offers greater certainty for investors regardless of Genel’s ongoing bid for Capricorn Energy, while potentially improving liquidity for shareholders who have faced relatively limited trading volumes in Genel’s shares. If completed, the transaction would strengthen DNO’s position in the Kurdistan Region of Iraq by increasing production scale and diversification. The company also noted that shareholder approval from DNO investors would not be required to complete the acquisition.

    Firm Offer Remains Uncertain

    Despite disclosing the proposal, DNO emphasised that there is no guarantee a formal takeover offer will ultimately be made. Under the UK’s takeover regulations, the company has until 4 September 2026 to announce either a firm intention to proceed with an offer or confirm that it does not intend to make one.

    About DNO ASA

    DNO ASA is a Norwegian oil and gas exploration and production company with core operations in the Kurdistan Region of Iraq. The business focuses on developing hydrocarbon resources in politically and commercially complex markets while pursuing growth through a combination of exploration, acquisitions and operational expansion. DNO has also established a track record of returning capital to shareholders through regular dividend payments.

  • Oxford Biomedica Lowers 2026 Guidance Despite Strong Client Growth

    Oxford Biomedica Lowers 2026 Guidance Despite Strong Client Growth

    Oxford Biomedica PLC (LSE:OXB) has reported approximately 9% revenue growth to around £80 million for the first half of 2026, supported by continued demand for its cell and gene therapy manufacturing services and a record 17 new client contract wins. The company said its customer portfolio continues to mature, with a growing number of programmes progressing into late-stage development and commercial manufacturing. It also highlighted a revenue backlog of approximately £193 million and a broader non-risk-adjusted opportunity pipeline valued at around $713 million, providing visibility for future growth.

    Delayed Orders Prompt Lower Full-Year Forecast

    Despite strong commercial activity, Oxford Biomedica has reduced its revenue guidance for 2026 to between £180 million and £200 million. The revision reflects changes in customer ordering patterns, delays to client programmes and a six-month postponement to the planned ramp-up of its manufacturing facility in Durham, North Carolina. The company now expects EBITDA margins for the current year to remain in the mid-single digits, excluding one-off items. However, management reaffirmed its expectation of returning to stronger growth in 2027, forecasting revenue growth of between 25% and 30%, double-digit EBITDA margins and maintaining its long-term objective of generating around £500 million in annual revenue by 2030.

    Outlook Reflects Strong Commercial Pipeline but Ongoing Profitability Challenges

    Oxford Biomedica’s outlook continues to be shaped by a robust pipeline of commercial opportunities and increasing demand for its manufacturing capabilities. However, the business remains loss-making, with negative operating and free cash flow continuing to weigh on the investment case. Technical indicators also remain weak, with the shares trading below key moving averages and negative momentum signals. Valuation offers limited support given the absence of positive earnings and a dividend.

    About Oxford Biomedica

    Oxford Biomedica PLC is a UK-based contract development and manufacturing organisation (CDMO) specialising in cell and gene therapies. Listed on the FTSE 250, the company develops and manufactures viral vectors using lentiviral, adeno-associated virus (AAV) and adenoviral technologies for pharmaceutical and biotechnology customers worldwide. Its manufacturing network spans facilities in the UK, France and the United States, supporting therapies from early-stage development through to commercial production.