MARKET REPORT: GSK shares rise as Zantac cancer claims settlement reached

Around £2 billion was added to the value of GSK after the pharmaceutical giant reached a £1.7bn settlement over claims its heartburn drug Zantac caused cancer.

The shares rose 3.2 per cent, or 47 pence, to 1,505 pence after reaching a settlement with ten law firms representing 93 per cent of pending cases in the United States.

Zantac was pulled from shelves in 2019 amid panic that a key ingredient, ranitidine, could cause cancer, plunging GSK and several rivals into crisis.

The legal dispute had weighed on the shares over fears they could be forced to pay more than £20bn in compensation.

And it will allow chief executive Emma Walmsley to focus on developing cancer vaccines and treatments.

The cabin group will be in the spotlight today after the online beauty and nutrition retailer outlined its plans to fund the spin-off of its technology division.

It wants to raise £75m by issuing new shares to ensure Ingenuity has enough cash when it is demerged.

Third quarter results showed revenue fell 2 per cent to £433.1 million. The shares closed down 2.8 per cent, or 1.5p, at 51.7p.

The FTSE 100 fell 0.1 per cent, or 6.01 points, to 8,237.73 and the FTSE 250 fell 0.6 per cent, or 114.01 points, to 20,708.37.

drug manufacturer individual cut sales prospects for its injectable anti-opioid drug as competition tightened.

The group, which moved its main listing from London to New York in June, expects Sublocade sales to reach between £555m and £571m in 2024, down from the previous range of £586m to £617m forecast in July . The shares fell 18.9 per cent, or 135 pence, to 583 pence.

Auction technology gained 5.6 per cent, or 23 pence, to 435 pence after the online marketplace operator raised its outlook. It now expects revenue for this year to rise 5 per cent to £133m.

ingredients manufacturer treat also rose – 11.6 per cent, or 49.5 pence, to 476.5 pence – after a strong second half performance in China boosted sales.

Group revenue rose 5 per cent to £155.2 million in the year to the end of September. That included a 16 percent increase in second-half sales as Treatt continued to grow in China.

Ramsden is on track for a record year as rising precious metal prices led to an increase in the number of customers selling their gold and silver items to the lender.

It appears to have made at least £11 million in profits over the 12 months to the end of September. But the shares fell 2.4 per cent, or 5p, to 200p.

exhaust fan manufacturer evolution fell 4.6 per cent, or 28 pence, to 584 pence, exposing the scale of its manufacturing problems in the UK, Germany and New Zealand.

The company’s UK manufacturing division reported a 36 per cent drop in revenue in the year to the end of July.

Business is picking up once again for Eneraqua as its public sector clients spend more following the General Election.

The company, which advises on how to reduce carbon emissions and energy bills, expects to return to profit in the second half after a £2.4m loss in the first half, and was up 5.3 per cent , or 2d, to 40d.