Detained Ferrexpo owner resigns from board, Hikma launches narcolepsy solution in US

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The FTSE 100 is expected to open 26 points higher on Tuesday, having closed down 0.18% at 7,451.74 on its last trading day, 30 December,

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Ferrexpo owner Kostyantin Zhevago, detained last week by French police, has resigned from the company’s board, the iron ore pellet producer and exporter said on Tuesday. In a statement, the company said it received Zhevago's formal resignation letter, effective as of 29 December 2022.

Hikma Pharmaceuticals has launched an authorised generic version of Jazz Pharmaceuticals' ‘Xyrem 1’, or sodium oxybate, oral solution in the US, it announced on Tuesday. The company said it would have 180 days of marketing exclusivity for the product in the US. It said sodium oxybate oral solution at 0.5 grams per millilitre is a prescription medicine used to treat the symptoms in seven years and older with narcolepsy.

Newspaper round-up

A generation of passengers will be put off travelling by train for good because of industrial action, ministers fear, as Britain enters the worst week of rail disruption for 30 years. Millions of people have been advised to avoid using the railways as the country faces five days of industrial action, effectively delaying the return to offices by a week as an estimated 80,000 trains are cancelled. - The Times

Tesla fell short of its target to increase deliveries of its electric cars last year as the electric car maker battled a share price slide, surging inflation and an economic slowdown in China. In 2022, Tesla delivered 1.31m electric cars, missing founder Elon Musk's declared aim of achieving 50pc year-on-year growth. - Telegraph

Footfall on Britain’s high streets and shopping centres plunged by more than a quarter in the week after Christmas compared with the week before, figures show. Shoppers opted to stay at home, as last week footfall was 27.7% lower than the week before and 19.7% down on the same week in 2019, retail data analysts Springboard said. - Guardian

House prices are on course to suffer their biggest decline since the financial crisis, with economists warning of a market “correction” this year caused by rising borrowing costs and a likely recession. Two thirds of economists surveyed by The Times expected house prices to fall by more than 4 per cent, with most warning of near-double-digit declines, making 2023 the worst year for the housing market since 2009. - The Times

Citymapper’s losses have widened to £7.4m as the travel app struggles to turn its popularity into revenue growth. The London travel start-up, which developed a mapping and transport app used by millions, reported revenues of £5.1m in the year ending in December 2021, down from £5.4m the previous year. - Telegraph

US close

Stocks were in the red on Wall Street on their last trading day on Friday, with the Dow Jones Industrial Average down 0.22% at 33,147.25.

The S&P 500 lost 0.25% to 3,839.50, and the Nasdaq Composite slipped 0.11% to 10,466.48.