Caterpillar bids for Australia’s RPMGlobal- AFR
Investing.com -- British stocks rose on Friday, with the pound trading above $1.34, as Burberry showed signs of recovery, Bridgepoint posted strong results, and GSK slipped after an FDA setback for its cancer treatment.
The blue-chip index FTSE 100 rose 0.2% and the British pound gained 0.2% against the dollar to above 1.34.
DAX index in Germany slipped 0.3%, the CAC 40 in France was flat.
GSK shares fall after FDA panel votes against Blenrep
GSK (LON:GSK) shares dropped more than 4% after a U.S. Food and Drug Administration advisory panel voted against the benefit-risk profile of its cancer treatment Blenrep.
The Oncologic Drugs Advisory Committee reviewed Blenrep (belantamab mafodotin-blmf) combinations for treating relapsed or refractory multiple myeloma in adults who had received at least one prior line of therapy.
The panel concluded that the benefits of the proposed dosing regimen did not outweigh the risks. The FDA will consider the panel’s non-binding recommendation as it continues its review, with a decision expected by July 23.
Burberry reports smaller-than-expected sales decline
In other corporate news, Burberry (LON:BRBY) reported a 1% drop in comparable retail sales for the first quarter ended June 28, performing better than analyst expectations of a 3% decline.
This update suggests early signs of stabilization for the British luxury brand.
The company’s total retail sales declined 2% at constant exchange rates, with retail space contributing a 1% headwind. Currency movements had a 4% negative impact, bringing reported revenue to £433 million, down 6% year-on-year.
Bridgepoint posts lower H1 profit
Meanwhile, Bridgepoint Group PLC (LON:BPTB) released interim results for the first half of 2025, showing solid fund performance, successful exits, and continued progress in fundraising.
The company reported profit before tax of £60.6 million, down from £99.9 million a year earlier. Management fee income totaled £207.1 million, representing an 11% increase on a like-for-like basis when excluding catch-up fees.
Reckitt sells majority of essential home unit
Additionally, Reckitt Benckiser Group (LON:RKT) has agreed to sell the majority of its Essential Home business to private equity firm Advent International in a deal valued at up to $4.8 billion (£3.6 billion).
Reckitt will retain a 30% stake in the business while receiving deferred and contingent consideration of $1.3 billion (£1.0 billion).
The transaction is expected to complete by the end of the year.