Category: Top Story

AstraZeneca plc (LSE:AZN) has received approval from the U.S. Food and Drug Administration for a new self-administered version of SAPHNELO (anifrolumab-fnia), allowing adult patients with systemic lupus erythematosus (SLE) to use a once-weekly autoinjector alongside standard therapy.

The decision is supported by findings from the Phase III TULIP-SC study, which showed that subcutaneous delivery of SAPHNELO significantly reduced disease activity compared to placebo in patients with moderate to severe SLE who were also receiving standard treatment. The safety profile aligned with that already established for the intravenous formulation.

The treatment will now be offered as a 120mg weekly dose via the SAPHNELO Pen autoinjector or a pre-filled syringe for at-home use. Since 2021, SAPHNELO has been available as an intravenous infusion administered by healthcare professionals in clinical settings.

Subcutaneous use of SAPHNELO has already been approved in the European Union and Japan, and regulatory reviews are ongoing in several other markets. The intravenous formulation is currently authorised in more than 70 countries for moderate to severe SLE, with over 40,000 patients treated worldwide.

The TULIP-SC trial was a Phase III, multicentre, randomised, double-blind, placebo-controlled study involving 367 patients aged between 18 and 70 with moderate to severe SLE. Participants were evenly assigned to receive either a 120mg subcutaneous dose of anifrolumab or a placebo using a single-use pre-filled syringe.

SAPHNELO is a fully human monoclonal antibody that targets subunit 1 of the type I interferon receptor, inhibiting type I interferon activity. Under a revised agreement with Bristol-Myers Squibb (NYSE:BMY), AstraZeneca will pay a mid-teens royalty on U.S. sales of the drug.

Homebuyers and homeowners looking to remortgage benefited from another round of mortgage rate reductions last week, as major UK lenders continued to sharpen their offerings shortly after earlier cuts.

Banks including Barclays plc (LSE:BARC), HSBC UK (LSE:HSBA), Santander UK (LSE:BNC), Skipton Building Society (LSE:SG52) and Virgin Money UK (LSE:91XR) all revised their mortgage deals, underscoring intensifying competition across the market.

Data from Moneyfacts showed that the average two-year fixed homeowner mortgage rate stood at 5.83% on the morning of April 22, down from 5.87% the previous day.

Santander implemented its second round of cuts this month, lowering rates by up to 0.25 percentage points from April 24, with the changes affecting first-time buyers, home movers and remortgaging customers.

HSBC UK also updated its mortgage range after reducing rates the week before, introducing further cuts across products aimed at both new buyers and those refinancing.

Meanwhile, Barclays and Skipton Building Society had already trimmed their rates earlier in the week, while Virgin Money applied reductions across both residential and buy-to-let mortgage products.

What’s driving the changes?

Mortgage pricing, which is closely linked to swap rates, has started to ease, allowing lenders to pass on some savings to borrowers.

However, ongoing global uncertainty—including geopolitical tensions in the Middle East—has continued to create market volatility and sustain expectations of relatively high interest rates, limiting the scope for more significant declines.

Rolls-Royce Holdings plc (LSE:RR.) has secured a key role in Australia’s naval modernisation, with its MT30 marine gas turbine selected to power a new fleet of up to 11 general-purpose frigates. The decision follows Australia’s move last year to adopt Japan’s upgraded Mogami-class design to replace its current vessels.

The Mogami-class already operates with the MT30 in Japanese service, and the Royal Australian Navy has confirmed it will use the same propulsion system for its own ships. The first three frigates will be constructed in Japan by Mitsubishi Heavy Industries and delivered to Australia, with the initial vessel expected in 2029 and entering service in 2030.

Alex Zino, Director of Business Development and Future Programmes, UK and International at Rolls-Royce Defence, said the company was “delighted to continue this long-standing partnership by powering their new general-purpose frigates with our MT30 engine” and added that Rolls-Royce was “pleased to support this collaboration between two nations that are combining capabilities to enhance the security across the region.”

Alongside the MT30 turbine, the upgraded frigates will feature mtu Series 4000-based diesel generator sets from Rolls-Royce Power Systems, supplied through licensed partner Daihatsu InfinEarth, to provide onboard electrical power for multiple ship systems.

The MT30 engine is designed, assembled and tested at Rolls-Royce’s Bristol facility and is already in use with several navies worldwide. These include the Royal Navy’s Queen Elizabeth-class aircraft carriers and Type 26 frigates, the United States Navy’s Freedom-class Littoral Combat Ships and Zumwalt-class destroyers, as well as the Republic of Korea Navy’s Daegu and Chungnam-class frigates.

The same engine is also set to power Australia’s Hunter-class frigates under a separate programme linked to the AUKUS framework, providing greater commonality across the Royal Australian Navy’s major surface fleet.

Rolls-Royce noted that the MT30 is the world’s most power-dense marine gas turbine currently in service, offering strong performance margins, design flexibility and long-term efficiency and reliability.

Whitbread plc (LSE:WTB) shares gained around 2.5% on Monday following a report by The Sunday Times outlining elements of a new five-year plan ahead of the company’s full-year results later this week.

According to the report, Whitbread is considering reducing its freehold property ownership to about 40%, down from roughly 50% currently. The proposed shift, alongside broader efficiency measures, could unlock approximately £1.5 billion in capital, which may be returned to shareholders.

The reported strategy follows disruption to the company’s previous five-year plan, which was impacted by higher business rates introduced in last year’s UK budget, as well as potential pressure from activist investor Corvex.

Analysts at Bernstein suggested the revised capital return target would fall slightly below the £2 billion goal outlined in 2024 but remain above the roughly £1.6 billion consensus estimate compiled by Bloomberg and higher than Bernstein’s own £1.3 billion projection.

The firm also noted that increasing reliance on leasehold assets could lead to higher lease-related debt and costs, which may weigh on updated profit before tax expectations—though these factors were not detailed in the initial media report.

Greencoat UK Wind PLC (LSE:UKW) has released its 2025 Environmental, Social and Governance (ESG) Report, making the document available to investors and stakeholders via its website. The publication highlights the company’s continued focus on transparency and accountability across sustainability metrics, reinforcing its position within the UK renewable infrastructure sector and enabling stakeholders to better evaluate its ESG performance.

The company’s outlook remains pressured by weaker recent profitability and earnings volatility, including losses and an absence of free cash flow in 2025. Technical indicators also point to a softer trend, with the shares trading below longer-term moving averages and showing negative momentum signals. However, these challenges are partly offset by valuation support from a high dividend yield, alongside moderate leverage and positive operating cash flow.

More about Greencoat UK Wind

Greencoat UK Wind PLC is a London-listed investment fund specialising in UK wind farm assets. It offers investors exposure to both onshore and offshore wind generation, with a strategy focused on delivering stable, inflation-linked returns through long-term renewable energy infrastructure investments.

Power Metal Resources plc (LSE:POW) has progressed its wholly owned Tati Gold Project in Botswana, targeting mineralisation along the Tati Greenstone Belt near Francistown. The company continues to benefit from strong gold market conditions as it advances a portfolio strategy focused on developing assets through partnerships, joint ventures, and potential disposals or spin-outs.

At Tati, key milestones have been achieved, including environmental approval and the signing of an access agreement covering areas such as Cherished Hope, clearing the way for field activities to commence. Under the agreement, Tuscan Holding will fully fund and operate a structured exploration programme, which includes reverse air blast (RAB) drilling and drone-based surveys. Power Metal will retain a carried 25% interest in the main licence while maintaining full ownership of its remaining Tati licences.

The upcoming exploration phase will involve approximately 600 metres of RAB drilling, aimed at improving understanding of the geometry and continuity of gold mineralisation at depth. The results are expected to support early mine planning and metallurgical testing. If successful, the partners may pursue permits for a small-scale mining operation of around 50 tonnes per day, offering a potential route to initial production and future cash flow exposure without requiring additional capital investment from Power Metal.

The company’s outlook reflects a combination of strong revenue growth and a solid balance sheet, though this is offset by operational challenges and continued negative cash flow. While valuation appears attractive, technical indicators suggest caution due to ongoing bearish trends.

More about Power Metal Resources Plc

Power Metal Resources plc is a London-listed exploration and project incubation company focused on identifying and developing large-scale opportunities in precious, base, and strategic metals. Its portfolio spans North America, Africa, the Middle East, and Australia, ranging from early-stage exploration assets to more advanced drilling projects. The company aims to unlock value through partnerships, joint ventures, and eventual asset sales or spin-outs to generate returns for shareholders.

ECR Minerals plc (LSE:ECR) reported significant progress on its proposed acquisition of Paleogold, with shareholder acceptances now exceeding 94%. The transaction is expected to reshape the company into a multi-asset gold operator spanning 10 projects across several Australian states. The deal would introduce a mix of hard rock and shallow open-pit assets, including Maddens and Salt Bush, alongside an experienced operational team, strengthening ECR’s production pipeline and geographic diversification.

On the operational front, underground development is advancing at the Maddens Flat Group of Mines, where initial gold production is anticipated in the near term. Following completion of the transaction, ECR is expected to hold a 50% interest in the project. At Raglan, alluvial operations are scaling up after optimisation work, with the site positioned as a near-term cash generator to support corporate overheads and fund development at the larger Blue Mountain project.

Blue Mountain is moving toward a mining lease after earlier drilling and trial processing activities, with plans to develop it as a follow-on production asset leveraging shared infrastructure with Raglan. Elsewhere, exploration is progressing at Lolworth in Queensland, where a gold-silver system has been identified, while permitting adjustments are underway at Kondaparinga to address native title considerations.

In South Australia, the Salt Bush project—where ECR will hold a 20% interest post-acquisition—is being advanced as a shallow open-cut opportunity with potential to deliver over 10,000 ounces of gold at relatively low cost. Early work will focus on approvals, infrastructure planning, and processing design to move the asset closer to production.

Across Victoria, the company is continuing discussions on a potential joint venture with Bold Gold at Creswick, while further exploration is planned at Bailieston, particularly around the Hard Up Reef target. Newly secured ground at Tambo South is set for initial sampling and LIDAR surveys. In Western Australia, Paleogold’s 80% stake in the Tuckanarra project—located near an established resource—will be advanced through new exploration aimed at extending known mineralisation.

Taken together, the enlarged portfolio would provide ECR with a combination of near-term production assets and exploration opportunities, offering leverage to strong gold prices within a Tier-1 mining jurisdiction. The strategy marks a transition toward a more diversified, multi-project gold company with improved potential for cash generation and a broader investment appeal.

The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, ongoing losses, and continued cash burn. However, a debt-free balance sheet and some improvement in losses provide partial support. Technical indicators are mixed to weak, with negative momentum and the share price below short-term averages, while valuation remains limited by the absence of profitability and dividends.

More about ECR Minerals

ECR Minerals plc is a London-listed exploration and development company focused on gold assets across Australia. Its portfolio includes both alluvial and hard rock projects in Queensland, Victoria, South Australia, and Western Australia, with a growing emphasis on near-term production alongside district-scale exploration potential.